v2.4.0.6
Document And Entity Information (USD $)
12 Months Ended
Dec. 31, 2013
Mar. 03, 2014
Jun. 28, 2012
Document Information [Line Items]      
Entity Registrant Name WEYCO GROUP INC    
Entity Central Index Key 0000106532    
Current Fiscal Year End Date --12-31    
Entity Filer Category Accelerated Filer    
Trading Symbol WEYS    
Entity Common Stock, Shares Outstanding   10,880,634  
Document Type 10-K    
Amendment Flag false    
Document Period End Date Dec. 31, 2013    
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2013    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Public Float     $ 164,195,000
v2.4.0.6
CONSOLIDATED STATEMENTS OF EARNINGS (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Net sales $ 300,284 $ 293,471 $ 271,100
Cost of sales 182,971 178,584 164,378
Gross earnings 117,313 114,887 106,722
Selling and administrative expenses 89,558 85,090 83,525
Earnings from operations 27,755 29,797 23,197
Interest income 1,461 1,840 2,220
Interest expense (384) (561) (611)
Other (expense) and income, net (653) (144) 216
Earnings before provision for income taxes 28,179 30,932 25,022
Provision for income taxes 9,930 10,533 8,581
Net earnings 18,249 20,399 16,441
Net earnings attributable to noncontrolling interest 648 1,442 1,190
Net earnings attributable to Weyco Group, Inc. $ 17,601 $ 18,957 $ 15,251
Basic earnings per share (in dollars per share) $ 1.63 $ 1.75 $ 1.38
Diluted earnings per share (in dollars per share) $ 1.62 $ 1.73 $ 1.37
v2.4.0.6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Net earnings $ 18,249 $ 20,399 $ 16,441
Other comprehensive income (loss), net of tax:      
Foreign currency translation adjustments (2,456) 221 (809)
Pension liability adjustments 4,707 1,147 (4,095)
Other comprehensive income (loss) 2,251 1,368 (4,904)
Comprehensive income 20,500 21,767 11,537
Comprehensive (loss) income attributable to noncontrolling interest (193) 1,765 701
Comprehensive income attributable to Weyco Group, Inc. $ 20,693 $ 20,002 $ 10,836
v2.4.0.6
CONSOLIDATED BALANCE SHEETS (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
ASSETS:    
Cash and cash equivalents $ 15,969 $ 17,288
Marketable securities, at amortized cost 5,196 8,004
Accounts receivable, less allowances of $2,293 and $2,419, respectively 48,530 49,048
Accrued income tax receivable 1,055 1,136
Inventories 63,196 65,366
Deferred income tax benefits 0 649
Prepaid expenses and other current assets 6,136 4,953
Total current assets 140,082 146,444
Marketable securities, at amortized cost 25,024 36,216
Deferred income tax benefits 0 792
Property, plant and equipment, net 35,112 37,218
Goodwill 11,112 11,112
Trademarks 34,748 34,748
Other assets 21,455 18,791
Total assets 267,533 285,321
LIABILITIES AND EQUITY:    
Short-term borrowings 12,000 45,000
Accounts payable 13,956 11,133
Dividend payable 1,949 0
Accrued liabilities:    
Wages, salaries and commissions 3,038 3,158
Taxes other than income taxes 1,299 1,225
Other 6,565 9,505
Deferred income tax liabilities 849 0
Total current liabilities 39,656 70,021
Deferred income tax liabilities 1,993 0
Long-term pension liability 21,901 27,530
Other long-term liabilities 6,991 6,381
Equity:    
Common stock, $1.00 par value, authorized 24,000,000 shares in 2013 and 2012, issued and outstanding 10,876,166 shares in 2013 and 10,831,290 shares in 2012 10,876 10,831
Capital in excess of par value 31,729 26,184
Reinvested earnings 156,983 149,664
Accumulated other comprehensive loss (9,422) (12,514)
Total Weyco Group, Inc. equity 190,166 174,165
Noncontrolling interest 6,826 7,224
Total equity 196,992 181,389
Total liabilities and equity $ 267,533 $ 285,321
v2.4.0.6
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
In Thousands, except Share data, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
Accounts receivable, reserves (in dollars) $ 2,293 $ 2,419
Common stock, par value (in dollars per share) $ 1.00 $ 1.00
Common Stock, Shares Authorized 24,000,000 24,000,000
Common Stock, Shares, Issued 10,876,166 10,831,290
Common Stock, Shares, Outstanding 10,876,166 10,831,290
v2.4.0.6
CONSOLIDATED STATEMENTS OF EQUITY (USD $)
In Thousands
Total
Common Stock [Member]
Capital in Excess of Par Value [Member]
Reinvested Earnings [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Noncontrolling Interest [Member]
Beginning Balance at Dec. 31, 2010   $ 11,356 $ 19,548 $ 150,546 $ (9,004) $ 4,698
Net earnings 16,441 0 0 15,251 0 1,190
Foreign currency translation adjustments (809) 0 0 0 (320) (489)
Pension liability adjustment, net of tax 4,095 0 0 0 (4,095) 0
Cash dividends declared   0 0 (7,086) 0 0
Stock options exercised   123 973 0 0 0
Issuance of restricted stock   19 (19) 0 0 0
Stock-based compensation expense   0 1,224 0 0 0
Income tax benefit from stock options exercised and vesting of restricted stock   0 496 0 0 0
Shares purchased and retired   (576) 0 (12,445) 0 0
Ending Balance at Dec. 31, 2011   10,922 22,222 146,266 (13,419) 5,399
Net earnings 20,399 0 0 18,957 0 1,442
Foreign currency translation adjustments 221 0 0 0 (102) 323
Pension liability adjustment, net of tax (1,147) 0 0 0 1,147 0
Cash dividends declared   0 0 (9,133) 0 0
Cash dividends paid to noncontrolling interest of subsidiary   0 0 0 0 (233)
Increase in ownership interest of noncontrolling interest of subsidiary   0 0 (153) (140) 293
Stock options exercised   174 2,126 0 0 0
Issuance of restricted stock   20 (20) 0 0 0
Stock-based compensation expense   0 1,201 0 0 0
Income tax benefit from stock options exercised and vesting of restricted stock   0 655 0 0 0
Shares purchased and retired   (285) 0 (6,273) 0 0
Ending Balance at Dec. 31, 2012 181,389 10,831 26,184 149,664 (12,514) 7,224
Net earnings 18,249 0 0 17,601 0 648
Foreign currency translation adjustments (2,456) 0 0 0 (1,615) (841)
Pension liability adjustment, net of tax (4,707) 0 0 0 4,707 0
Cash dividends declared   0 0 (5,854) 0 0
Cash dividends paid to noncontrolling interest of subsidiary   0 0 0 0 (205)
Stock options exercised   220 3,712 0 0 0
Issuance of restricted stock   20 (20) 0 0 0
Stock-based compensation expense   0 1,283 0 0 0
Income tax benefit from stock options exercised and vesting of restricted stock   0 570 0 0 0
Shares purchased and retired   (195) 0 (4,428) 0 0
Ending Balance at Dec. 31, 2013 $ 196,992 $ 10,876 $ 31,729 $ 156,983 $ (9,422) $ 6,826
v2.4.0.6
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Pension liability adjustment, net of tax (in dollars) $ 3,010 $ 734 $ 2,618
Cash dividends declared (in dollars per share) $ 0.54 $ 0.84 $ 0.64
v2.4.0.6
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net earnings $ 18,249 $ 20,399 $ 16,441
Adjustments to reconcile net earnings to net cash provided by operating activities -      
Depreciation 3,962 3,338 2,591
Amortization 272 305 253
Bad debt expense 132 175 316
Deferred income taxes 1,268 1,648 (343)
Net losses (gains) on remeasurement of contingent consideration 24 (3,522) (206)
Net foreign currency transaction losses 279 138 197
Stock-based compensation 1,283 1,201 1,224
Pension contributions (1,282) 0 (1,600)
Pension expense 3,737 3,407 2,836
Other-than-temporary investment impairment 200 0 0
Net gains on sale of marketable securities 0 0 (346)
Impairment of property, plant and equipment 0 93 165
Increase in cash surrender value of life insurance (540) (535) (527)
Changes in operating assets and liabilities, net of effects from acquisitions -      
Accounts receivable 421 (5,586) (1,267)
Inventories 2,048 (2,676) (3,667)
Prepaids and other assets (295) 368 (752)
Accounts payable 2,846 (1,802) 2,141
Accrued liabilities and other (2,858) 1,356 619
Accrued income taxes 80 (320) (932)
Net cash provided by operating activities 29,826 17,987 17,143
CASH FLOWS FROM INVESTING ACTIVITIES:      
Acquisition of businesses, net of cash acquired 0 0 (27,023)
Purchase of marketable securities (122) (10) (1,179)
Proceeds from maturities and sales of marketable securities 13,968 7,342 12,963
Life insurance premiums paid (155) (155) (155)
Investment in real estate (3,206) 0 0
Purchase of property, plant and equipment (2,699) (9,540) (8,175)
Net cash provided by (used for) investing activities 7,786 (2,363) (23,569)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Cash dividends paid (3,904) (10,875) (7,155)
Cash dividends paid to noncontrolling interest of subsidiary (205) (233) 0
Shares purchased and retired (4,623) (6,558) (13,021)
Proceeds from stock options exercised 3,932 2,300 1,096
Payment of contingent consideration (1,270) 0 0
Payment of indemnification holdback 0 (2,000) 0
Repayment of debt assumed in acquisition 0 0 (3,814)
Net repayments of commercial paper 0 0 (5,000)
Proceeds from bank borrowings 11,000 33,000 73,000
Repayments of bank borrowings (44,000) (25,000) (36,000)
Income tax benefits from stock-based compensation 570 655 496
Net cash (used for) provided by financing activities (38,500) (8,711) 9,602
Effect of exchange rate changes on cash and cash equivalents (431) 46 3
Net (decrease) increase in cash and cash equivalents (1,319) 6,959 3,179
CASH AND CASH EQUIVALENTS at beginning of year 17,288 10,329 7,150
CASH AND CASH EQUIVALENTS at end of year 15,969 17,288 10,329
SUPPLEMENTAL CASH FLOW INFORMATION:      
Income taxes paid, net of refunds 7,807 8,946 7,989
Interest paid $ 335 $ 442 $ 457
v2.4.0.6
NATURE OF OPERATIONS
12 Months Ended
Dec. 31, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations [Text Block]

1. NATURE OF OPERATIONS

Weyco Group, Inc. designs and markets quality and innovative footwear for men, women and children under a portfolio of well-recognized brand names including: “Florsheim,” “Nunn Bush,” “Stacy Adams,” “BOGS,” “Rafters,” and “Umi.” Inventory is purchased from third-party overseas manufacturers. The majority of foreign-sourced purchases are denominated in U.S. dollars. The Company has two reportable segments, North American wholesale operations (“wholesale”) and North American retail operations (“retail”). In the wholesale segment, the Company’s products are sold to leading footwear, department and specialty stores primarily in the United States and Canada. The Company also has licensing agreements with third parties who sell its branded apparel, accessories and specialty footwear in the United States, as well as its footwear in Mexico and certain markets overseas. Licensing revenues are included in the Company’s wholesale segment. As of December 31, 2013, the Company’s retail segment consisted of 17 Company-owned retail stores and an internet business in the United States. Sales in retail outlets are made directly to consumers by Company employees. The Company’s “other” operations include the Company’s wholesale and retail operations in Australia, South Africa, Asia Pacific (collectively, “Florsheim Australia”) and Europe. The majority of the Company’s operations are in the United States, and its results are primarily affected by the economic conditions and the retail environment in the United States.
v2.4.0.6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
12 Months Ended
Dec. 31, 2013
Accounting Policies [Abstract]  
Significant Accounting Policies [Text Block]

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation — The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, and include all of the Company’s majority-owned subsidiaries.
Use of Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported periods. Actual results could differ materially from those estimates.
Cash and Cash Equivalents — The Company considers all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. At December 31, 2013 and 2012, the Company’s cash and cash equivalents included investments in money market accounts and cash deposits at various banks.
Investments —  All of the Company’s municipal bond investments are classified as held-to-maturity securities and reported at amortized cost pursuant to Accounting Standards Codification (“ASC”) 320, Investments — Debt and Equity Securities (“ASC 320”) as the Company has the intent and ability to hold all bond investments to maturity. See Note 5.
Accounts Receivable — Trade accounts receivable arise from the sale of products on trade credit terms. On a quarterly basis, the Company reviews all significant accounts with past due balances, as well as the collectability of other outstanding trade accounts receivable for possible write-off. It is the Company’s policy to write-off accounts receivable against the allowance account when receivables are deemed to be uncollectible. The allowance for doubtful accounts reflects the Company’s best estimate of probable losses in the accounts receivable balances. The Company determines the allowance based on known troubled accounts, historical experience and other evidence currently available.
Inventories — Inventories are valued at cost, which is not in excess of market value. The majority of inventories are determined on a last-in, first-out (“LIFO”) basis. Inventory costs include the cost of shoes purchased from third-party manufacturers, as well as related freight and duty costs. The Company generally takes title to product at the time of shipping. See Note 6.
Property, Plant and Equipment and Depreciation — Property, plant and equipment are stated at cost. Plant and equipment are depreciated using primarily the straight-line method over their estimated useful lives as follows: buildings and improvements, 10 to 39 years; machinery and equipment, 3 to 5 years; furniture and fixtures, 5 to 7 years.
Impairment of Long-Lived Assets — Property, plant and equipment are reviewed for impairment in accordance with ASC 360, Property, Plant and Equipment (“ASC 360”) if events or changes in circumstances indicate that the carrying amounts may not be recoverable. Recoverability of assets is measured by a comparison of the carrying amount of an asset to its related estimated undiscounted future cash flows. If the sum of the expected undiscounted cash flows is less than the carrying value of the related asset or group of assets, a loss is recognized for the difference between the fair value and carrying value of the asset or group of assets. To derive the fair value, the Company utilizes the income approach and the fair value determined is categorized as Level 3 in the fair value hierarchy. The fair value of each asset group is determined using the estimated future cash flows discounted at an estimated weighted-average cost of capital. For purposes of the impairment review, the Company groups assets at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. In the case of its retail stores, the Company groups assets at the individual store level. In connection with the Company’s impairment review, the Company’s retail segment recognized an impairment charge of $93,000 in 2012 and $165,000 in 2011, which was recorded within selling and administrative expenses in the Consolidated Statements of Earnings. No impairment charge was recognized in 2013.
Goodwill and Intangible Assets —  Goodwill represents the excess of the purchase price over the estimated fair value of the underlying assets acquired and liabilities assumed in the acquisition of a business. Goodwill is not subject to amortization. Other intangible assets consist of trademarks, customer relationships, and a non-compete agreement. Intangible assets with definite lives are amortized over their estimated useful lives. Intangible assets which are not amortized are reviewed for impairment annually and whenever events or changes in circumstances indicate the carrying amounts may not be recoverable. See Note 8.
Life Insurance —  Life insurance policies are recorded at the amount that could be realized under the insurance contracts as of the date of financial position. These assets are included within other assets in the Consolidated Balance Sheets. See Note 9.
Contingent Consideration —  The Company recorded its estimate of the fair value of contingent consideration related to the Bogs acquisition within other short-term accrued liabilities and other long-term liabilities in the Consolidated Balance Sheets. On a quarterly basis, the Company revalues the obligation and records increases or decreases in its fair value as an adjustment to operating earnings. Changes to the contingent consideration obligation can result from adjustments to the discount rate, accretion of the discount due to the passage of time, or changes in assumptions regarding the future performance of Bogs. The assumptions used to determine the fair value of contingent consideration include a significant amount of judgment, and any changes in the assumptions could have a material impact on the amount of contingent consideration expense or income recorded in a given period. See Note 11.
Income Taxes —  Deferred income taxes are provided on temporary differences arising from differences in the basis of assets and liabilities for income tax and financial reporting purposes. Interest related to unrecognized tax benefits is classified as interest expense in the Consolidated Statements of Earnings. See Note 13.
Noncontrolling Interest —  The Company’s noncontrolling interest is accounted for under ASC 810, Consolidation (“ASC 810”) and represents the minority shareholder’s ownership interest related to the Company’s wholesale and retail businesses in Australia, South Africa and Asia Pacific. In accordance with ASC 810, the Company reports its noncontrolling interest in subsidiaries as a separate component of equity in the Consolidated Balance Sheets and reports both net earnings attributable to the noncontrolling interest and net earnings attributable to the Company’s common shareholders on the face of the Consolidated Statements of Earnings.
In accordance with the subscription agreement entered into in connection with the acquisition of Florsheim Australia Pty Ltd (“Florsheim Australia”) in January 2009, the Company’s equity interest in Florsheim Australia decreases from 60% to 51% of equity issued under the subscription agreement as intercompany loans are paid in accordance with their terms. To date, the Company’s equity interest in Florsheim Australia has decreased from 60% to 55% and the noncontrolling shareholder’s interest has increased from 40% to 45%. This change is reflected in the Consolidated Statements of Equity.
Revenue Recognition — Revenue from the sale of product is recognized when title and risk of loss transfers to the customer and the customer is obligated to pay the Company. Sales to independent dealers are recorded at the time of shipment to those dealers. Sales through Company-owned retail outlets are recorded at the time of delivery to retail customers. All product sales are recorded net of estimated allowances for returns and discounts. The Company’s estimates of allowances for returns and discounts are based on such factors as specific customer situations, historical experience, and current and expected economic conditions. The Company evaluates the reserves and the estimation process and makes adjustments when appropriate. Revenue from third-party licensing agreements is recognized in the period earned. Licensing revenues were $3.2 million in 2013, $3.3 million in 2012, and $3.4 million in 2011.
Shipping and Handling Fees — The Company classifies shipping and handling fees billed to customers as revenues. The related shipping and handling expenses incurred by the Company are included in selling and administrative expenses and totaled $2.7 million in 2013, $2.3 million in 2012, and $2.2 million in 2011.
Cost of Sales — The Company’s cost of sales includes the cost of products and inbound freight and duty costs.
Selling and Administrative Expenses —  Selling and administrative expenses primarily include salaries and commissions, advertising costs, employee benefit costs, distribution costs (e.g., receiving, inspection and warehousing costs), rent and depreciation. Distribution costs included in selling and administrative expenses were $10.8 million in 2013, $10.0 million in 2012, and $8.6 million in 2011.
Advertising Costs —  Advertising costs are expensed as incurred. Total advertising costs were $11.4 million, $10.5 million, and $8.7 million in 2013, 2012 and 2011, respectively. All advertising expenses are included in selling and administrative expenses with the exception of co-op advertising expenses which are recorded as a reduction of net sales. Co-op advertising expenses, which are included in the above totals, reduced net sales by $4.3 million, $4.0 million, and $3.3 million in 2013, 2012 and 2011, respectively.
Foreign Currency Translations — The Company accounts for currency translations in accordance with ASC 830, Foreign Currency Matters (“ASC 830”) under which non-U.S. subsidiaries’ balance sheet accounts are translated into U.S. dollars at the rates of exchange in effect at fiscal year-end and income and expense accounts are translated at the weighted average rates of exchange in effect during the year. Translation adjustments resulting from this process are recognized as a separate component of accumulated other comprehensive loss, which is a component of equity.
Foreign Currency Transactions —  Gains and losses from foreign currency transactions are included in other income and expense, net, in the Consolidated Statements of Earnings. Net foreign currency transaction losses totaled approximately $279,000 in 2013, $138,000 in 2012, and $197,000 in 2011.
Financial Instruments —  At December 31, 2013, the Company’s majority owned subsidiary, Florsheim Australia, had forward exchange contracts outstanding to buy $6.3 million U.S. dollars at a price of approximately $6.8 million Australian dollars. These contracts all expire in 2014. Based on year-end exchange rates, there were no significant gains or losses on the outstanding contracts.
Earnings Per Share — Basic earnings per share excludes any dilutive effects of restricted stock and options to purchase common stock. Diluted earnings per share includes any dilutive effects of restricted stock and options to purchase common stock. See Note 16.
Comprehensive Income —  Comprehensive income includes net earnings and changes in accumulated other comprehensive loss. Comprehensive income is reported in the Consolidated Statements of Comprehensive Income. The components of accumulated other comprehensive loss as recorded on the accompanying Consolidated Balance Sheets were as follows:
 
 
 
 
2013
 
2012
  
 
(Dollars in thousands)
Foreign currency translation adjustments
 
$
(934)
 
 
$
681
 
Pension liability, net of tax
 
 
(8,488)
 
 
 
(13,195
Total accumulated other comprehensive loss
 
$
(9,422)
 
 
$
(12,514
The noncontrolling interest as recorded in the Consolidated Balance Sheets at December 31, 2013 and 2012 included foreign currency translation adjustments of approximately ($33,000) and $668,000, respectively.
The following presents a tabular disclosure about changes in accumulated other comprehensive loss during the year ended December 31, 2013:
 
 
 
 
 
Foreign Currency Translation Adjustments
 
Defined Benefit Pension Items
 
Total
Beginning Balance
 
$
681
 
 
$
(13,195
 
$
(12,514
Other comprehensive (loss) income before reclassifications
 
 
(1,615
 
 
3,669
 
 
 
2,054
 
Amounts reclassified from accumulated other comprehensive loss
 
 
 
 
 
1,038
 
 
 
1,038
 
Net current period other comprehensive (loss) income
 
 
(1,615
 
 
4,707
 
 
 
3,092
 
Ending Balance
 
$
(934
 
$
(8,488
 
$
(9,422
The following presents a tabular disclosure about reclassification adjustments out of accumulated other comprehensive loss during the years ended December 31, 2013 and 2012:
 
 
 
 
 
Amounts reclassified from other accumulated comprehensive loss
for the year ended December 31,
 
Affected line item in the statement where net income is presented
  
 
2013
 
2012
Amortization of defined benefit pension items
 
 
  
 
 
 
  
 
 
 
  
 
Prior service cost
 
 
(111)
 
 
 
(111
 
 
(1)
 
Actuarial losses
 
 
1,813
 
 
 
1,723
 
 
 
(1)
 
Total before tax
 
 
1,702
 
 
 
1,612
 
 
 
  
 
Tax benefit
 
 
(664)
 
 
 
(629
 
 
 
Net of tax
 
 
1,038
 
 
 
983
 
 
 
 
 
(1)
These amounts were included in the computation of net periodic pension cost. See Note 12 for additional details.
Stock-Based Compensation —  At December 31, 2013, the Company had three stock-based employee compensation plans, which are described more fully in Note 18. The Company accounts for these plans under the recognition and measurement principles of ASC 718, Compensation — Stock Compensation (“ASC 718”). The Company’s policy is to estimate the fair market value of each option award granted on the date of grant using the Black-Scholes option pricing model. The Company estimates the fair value of each restricted stock award based on the fair market value of the Company’s stock price on the grant date. The resulting compensation cost for both the options and restricted stock is amortized on a straight-line basis over the vesting period of the respective awards.
Concentration of Credit Risk — The Company had no individual customer accounts receivable balances outstanding at December 31, 2013 and 2012 that represented more than 10% of the Company’s gross accounts receivable balance. Additionally, there were no single customers with sales above 10% of the Company’s total sales in 2013, 2012 and 2011.
Recent Accounting Pronouncements —  In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (“ASU 2013-02”). This guidance is the culmination of the FASB’s deliberation on reporting reclassification adjustments from accumulated other comprehensive income (AOCI). The amendments in ASU 2013-02 do not change the current requirements for reporting net earnings or other comprehensive income. However, the amendments require disclosure of amounts reclassified out of AOCI in its entirety, by component, on the face of the statement of operations or in the notes thereto. Amounts that are not required to be reclassified in their entirety to net earnings must be cross-referenced to other disclosures that provide additional detail. This standard was effective prospectively for annual and interim reporting periods beginning after December 15, 2012. The Company’s adoption of this standard did not have a significant impact on the Company’s consolidated financial statements.
Reclassifications —  Certain immaterial items on the Consolidated Statements of Cash Flows were reclassified in the prior years’ financial statements to conform to the current year’s presentation. Such reclassifications had no effect on previously reported net earnings or equity.
v2.4.0.6
ACQUISITIONS
12 Months Ended
Dec. 31, 2013
Business Combinations [Abstract]  
Business Combination Disclosure [Text Block]

3. ACQUISITIONS

Bogs

On March 2, 2011, the Company acquired 100% of the outstanding shares of The Combs Company (“Bogs”) from its former shareholders for $29.3 million in cash plus assumed debt of approximately $3.8 million and two contingent payments which are dependent on Bogs achieving certain performance measures. In accordance with the purchase agreement, $2.0 million of the cash portion of the purchase price was held back to be used to help satisfy any claims of indemnification by the Company. The holdback was paid in full to the former shareholders of Bogs in 2012. The acquisition of Bogs was funded with available cash and short-term borrowings under the Company’s borrowing facility.
At the acquisition date, the Company’s estimate of the fair value of the two contingent payments was approximately $9.8 million in aggregate. The first contingent payment was due in 2013 and was paid on March 28, 2013 in the amount of $1,270,000. The second payment is due in March 2016. For more information regarding the contingent payments, including an estimate of the fair value of the second payment as of December 31, 2013, see Note 11.
Bogs designs and markets boots, shoes, and sandals for men, women and children under the BOGS and Rafters brand names. Its products are sold across the agricultural, industrial, outdoor specialty, outdoor sport, lifestyle and fashion markets.
The acquisition of Bogs was accounted for as a business combination under ASC 805, Business Combinations (“ASC 805”). Under ASC 805, the total purchase price was allocated to tangible and intangible assets acquired and liabilities assumed based on their respective fair values at the acquisition date. The Company’s final allocation of the purchase price was as follows (dollars in thousands):
 
 
Cash
 
$
317
 
Accounts receivable
 
 
3,839
 
Inventory
 
 
2,932
 
Prepaid expenses
 
 
15
 
Property, plant and equipment, net
 
 
7
 
Goodwill
 
 
11,112
 
Trademark
 
 
22,000
 
Other intangible assets
 
 
3,700
 
Accounts payable
 
 
(454
Accrued liabilities
 
 
(561
  
 
$
42,907
 
Other intangible assets consist of customer relationships and a non-compete agreement. Goodwill reflects the excess purchase price over the fair value of net assets, and has been assigned to the Company’s wholesale segment. All of the goodwill is expected to be deductible for tax purposes. For more information on the intangible assets acquired, see Note 8.
The operating results of Bogs have been consolidated into the Company’s wholesale segment since the date of acquisition. Accordingly, the Company’s 2013 and 2012 results included Bogs operations for the entire year while 2011 only included Bogs operations from March 2 through December 31, 2011. Bogs wholesale net sales were $39.7 million in 2013, $36.4 million in 2012, and $28.0 million in 2011. There were also Bogs net sales included in the Company’s retail and other operating segments totaling $2.4 million in 2013 and $1.4 million in 2012.
v2.4.0.6
FAIR VALUE OF FINANCIAL INSTRUMENTS
12 Months Ended
Dec. 31, 2013
Fair Value Disclosures [Abstract]  
Fair Value Disclosures [Text Block]

4. FAIR VALUE OF FINANCIAL INSTRUMENTS

ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes the following three-level hierarchy for fair value measurements based upon the sources of data and assumptions used to develop the fair value measurements:
Level 1 — unadjusted quoted market prices in active markets for identical assets or liabilities that are publicly accessible.
Level 2 — quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly.
Level 3 — unobservable inputs that reflect the Company’s assumptions, consistent with reasonably available assumptions made by other market participants.
The carrying amounts of all short-term financial instruments, except marketable securities, approximate fair value due to the short-term nature of those instruments. Marketable securities are carried at amortized cost. The fair value disclosures of marketable securities are Level 2 valuations as defined by ASC 820, consisting of quoted prices for identical or similar assets in markets that are not active. See Note 5.
v2.4.0.6
INVESTMENTS
12 Months Ended
Dec. 31, 2013
Investments [Abstract]  
Cost and Equity Method Investments Disclosure [Text Block]

5. INVESTMENTS

Below is a summary of the amortized cost and estimated market values of the Company’s investment securities as of December 31, 2013 and 2012. The estimated market values provided are Level 2 valuations as defined by ASC 820.
 
 
 
 
 
 
2013
 
2012
  
 
Amortized Cost
 
Market Value
 
Amortized Cost
 
Market
Value
  
 
(Dollars in thousands)
Municipal bonds:
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
Current
 
$
5,196
 
 
$
5,264
 
 
$
8,004
 
 
$
8,117
 
Due from one through five years
 
 
17,636
 
 
 
18,527
 
 
 
25,384
 
 
 
26,620
 
Due from six through ten years
 
 
7,388
 
 
 
7,777
 
 
 
10,832
 
 
 
11,756
 
Total
 
$
30,220
 
 
$
31,568
 
 
$
44,220
 
 
$
46,493
 
The unrealized gains and losses on investment securities at December 31, 2013 and 2012 were:
 
 
 
 
 
 
2013
 
2012
  
 
Unrealized Gains
 
Unrealized Losses
 
Unrealized Gains
 
Unrealized Losses
  
 
(Dollars in thousands)
Municipal bonds
 
$
1,348
 
 
$
 
 
$
2,473
 
 
$
200
 
At each reporting date, the Company reviews its investments to determine whether a decline in fair value below the amortized cost basis is other-than-temporary. To determine whether a decline in value is other-than-temporary, the Company considers all available evidence, including the issuer’s financial condition, the severity and duration of the decline in fair value, and the Company’s intent and ability to hold the investment for a reasonable period of time sufficient for any forecasted recovery. If a decline in value is deemed other-than-temporary, the Company records a reduction in the carrying value to the estimated fair value. In the third quarter of 2013, as part of this review, the Company concluded that the unrealized loss on one of its municipal bonds was other-than-temporary. The Company had been monitoring the status of the bond. In September 2013, a public notice was issued by the municipality that caused the Company to doubt the ultimate collectability of the full amount of the bond. Considering this, all prior public information regarding the bond, and the duration of the loss, the Company determined the unrealized loss on the bond was other-than-temporary. Accordingly, the Company wrote the bond down to fair value and recorded an impairment loss of $200,000. The loss was included within other (expense) and income, net in the Consolidated Statements of Earnings.
v2.4.0.6
INVENTORIES
12 Months Ended
Dec. 31, 2013
Inventory Disclosure [Abstract]  
Inventory Disclosure [Text Block]

6. INVENTORIES

At December 31, 2013 and 2012, inventories consisted of:
 
 
 
 
 
2013
 
2012
  
 
(Dollars in thousands)
Finished shoes
 
$
80,876
 
 
$
82,535
 
LIFO reserve
 
 
(17,680)
 
 
 
(17,169
Total inventories
 
$
63,196
 
 
$
65,366
 
Finished shoes included inventory in-transit of $22.5 million and $14.3 million as of December 31, 2013 and 2012, respectively. At December 31, 2013 and 2012, approximately 89% of the Company’s inventories were valued by the LIFO method of accounting while approximately 11% were valued by the first-in, first-out (“FIFO”) method of accounting.
During 2013, there were liquidations of LIFO inventory quantities carried at lower costs prevailing in prior years as compared to the cost of fiscal 2013 purchases. The effect of the liquidation decreased cost of goods sold by $64,000 in 2013. During 2012, there were liquidations of LIFO inventory quantities carried at lower costs prevailing in prior years as compared to the cost of fiscal 2012 purchases. The effect of the liquidation decreased cost of goods sold by $104,000 in 2012. During 2011, there were liquidations of LIFO inventory quantities carried at lower costs prevailing in prior years as compared to the cost of fiscal 2011 purchases. The effect of the liquidation decreased costs of goods sold by $250,000 in 2011.
v2.4.0.6
PROPERTY, PLANT AND EQUIPMENT, NET
12 Months Ended
Dec. 31, 2013
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Disclosure [Text Block]

7. PROPERTY, PLANT AND EQUIPMENT, NET

 
At December 31, 2013 and 2012, property, plant and equipment consisted of:
 
 
 
 
2013
 
2012
  
 
(Dollars in thousands)
Land and land improvements
 
$
3,607
 
 
$
3,587
 
Buildings and improvements
 
 
26,900
 
 
 
26,927
 
Machinery and equipment
 
 
24,502
 
 
 
22,456
 
Retail fixtures and leasehold improvements
 
 
11,825
 
 
 
11,994
 
Construction in progress
 
 
252
 
 
 
1,692
 
Property, plant and equipment
 
 
67,086
 
 
 
66,656
 
Less: Accumulated depreciation
 
 
(31,974)
 
 
 
(29,438
Property, plant and equipment, net
 
$
35,112
 
 
$
37,218
 
v2.4.0.6
INTANGIBLE ASSETS
12 Months Ended
Dec. 31, 2013
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Disclosure [Text Block]

8. INTANGIBLE ASSETS

The Company’s indefinite-lived and amortizable intangible assets as recorded in the Consolidated Balance Sheets consisted of the following as of December 31, 2013:
 
 
 
 
 
 
Weighted Average Life (Years)
 
December 31, 2013
  
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net
  
 
  
 
(Dollars in thousands)
Indefinite-lived intangible assets:
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
Goodwill
 
 
  
 
 
$
11,112
 
 
$
 
 
$
11,112
 
Trademarks
 
 
 
 
 
34,748
 
 
 
 
 
 
34,748
 
Total indefinite-lived intangible assets
 
 
 
 
$
45,860
 
 
$
 
 
$
45,860
 
Amortizable intangible assets:
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
Non-compete agreement
 
 
5
 
 
$
200
 
 
$
(113
 
$
87
 
Customer relationships
 
 
15
 
 
 
3,500
 
 
 
(661
 
 
2,839
 
Total amortizable intangible assets
 
 
 
 
$
3,700
 
 
$
(774
 
$
2,926
 
The Company’s indefinite-lived and amortizable intangible assets as recorded in the Consolidated Balance Sheets consisted of the following as of December 31, 2012:
 
 
 
 
 
 
  
 
December 31, 2012
  
 
Weighted Average Life (Years)
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net
  
 
  
 
(Dollars in thousands)
Indefinite-lived intangible assets:
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
Goodwill
 
 
  
 
 
$
11,112
 
 
$
 
 
$
11,112
 
Trademarks
 
 
 
 
 
34,748
 
 
 
 
 
 
34,748
 
Total indefinite-lived intangible assets
 
 
 
 
$
45,860
 
 
$
 
 
$
45,860
 
Amortizable intangible assets:
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
Non-compete agreement
 
 
5
 
 
$
200
 
 
$
(73
 
$
127
 
Customer relationships
 
 
15
 
 
 
3,500
 
 
 
(428
 
 
3,072
 
Total amortizable intangible assets
 
 
 
 
$
3,700
 
 
$
(501
 
$
3,199
 
The amortizable intangible assets are included within other assets in the Consolidated Balance Sheets. See Note 9.
The Company performs an impairment test for goodwill and trademarks on an annual basis and more frequently if an event or changes in circumstances indicate that their carrying values may not be recoverable. Conditions that would trigger an impairment assessment include, but are not limited to, a significant adverse change in legal factors or business climate that could affect the value of the asset.
The Company uses a two-step process to test goodwill for impairment. The first step is to compare the applicable reporting unit’s fair value to its carrying value. The Company has determined the applicable reporting unit is its wholesale segment. If the fair value of the wholesale segment is greater than its carrying value, there is no impairment. If the carrying value is greater than the fair value, then the second step must be completed to measure the amount of the impairment, if any. The second step calculates the implied fair value of the goodwill, which is compared to its carrying value. If the implied fair value is less than the carrying value, an impairment loss is recognized equal to the difference. To date, the Company has never recorded an impairment charge on this goodwill.
The Company tests its trademarks for impairment by comparing the fair value of each trademark to its related carrying value. Fair value is estimated using a discounted cash flow methodology. To date, the Company has never recorded an impairment charge on these trademarks.
The Company recorded amortization expense for intangible assets of $273,000, $273,000 and $228,000 in 2013, 2012 and 2011, respectively. Excluding the impact of any future acquisitions, the Company anticipates future amortization expense to be as follows:
 
 
(Dollars in thousands)
 
Intangible Assets
2014
 
$
273
 
2015
 
 
273
 
2016
 
 
240
 
2017
 
 
233
 
2018
 
 
233
 
Thereafter
 
 
1,674
 
Total
 
$
2,926
 
v2.4.0.6
OTHER ASSETS
12 Months Ended
Dec. 31, 2013
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Noncurrent Assets Disclosure [Text Block]

9. OTHER ASSETS

Other assets included the following amounts at December 31, 2013 and 2012:
 
 
 
 
2013
 
2012
  
 
(Dollars in thousands)
Cash surrender value of life insurance
 
 
13,440
 
 
 
12,745
 
Intangible assets (See Note 8)
 
 
2,926
 
 
 
3,199
 
Investment in real estate
 
 
3,112
 
 
 
 
Other
 
 
1,977
 
 
 
2,847
 
Total other assets
 
$
21,455
 
 
$
18,791
 
The Company has five life insurance policies on current and former executives. Upon death of the insured executives, the approximate death benefit the Company would receive is $15.2 million in aggregate as of December 31, 2013.
On May 1, 2013, the Company purchased a 50% interest in a building in Montreal, Canada for approximately $3.2 million. The building, which was classified as an investment in real estate in the above table, serves as the Company’s Canadian office and distribution center. The purchase was accounted for as an equity-method investment under ASC 323, Investments — Equity Method and Joint Ventures (“ASC 323”).
v2.4.0.6
SHORT-TERM BORROWINGS
12 Months Ended
Dec. 31, 2013
Short-term Debt [Abstract]  
Short-term Debt [Text Block]

10. SHORT-TERM BORROWINGS

At December 31, 2013, the Company had a $60 million unsecured revolving line of credit with a bank expiring November 5, 2014. The line of credit bears interest at LIBOR plus 0.75%. At December 31, 2013, outstanding borrowings were $12 million at an interest rate of approximately 0.9%. The highest balance during the year was $45 million. At December 31, 2012, outstanding borrowings were $45 million at an interest rate of approximately 1.2%.
v2.4.0.6
CONTINGENT CONSIDERATION
12 Months Ended
Dec. 31, 2013
Business Combinations [Abstract]  
Contingencies Disclosures [Text Block]

11. CONTINGENT CONSIDERATION

Contingent consideration is comprised of two contingent payments that the Company is obligated to pay the former shareholders of Bogs. The estimate of contingent consideration is formula-driven and is based on Bogs achieving certain levels of gross margin dollars between January 1, 2011 and December 31, 2015. The first contingent payment was due in 2013 and was paid on March 28, 2013 in the amount of $1,270,000. The second payment is due in March 2016. In accordance with ASC 805, the Company remeasures its estimate of the fair value of the contingent payments at each reporting date. The change in fair value is recognized in earnings.
The Company’s estimate of the fair value of the contingent payments as recorded in the Consolidated Balance Sheets was as follows:
 
 
 
 
December 31, 2013
 
December 31, 2012
  
 
(Dollars in thousands)
Current portion
 
$
 
 
$
1,270
 
Long-term portion
 
 
5,064
 
 
 
4,991
 
Total contingent consideration
 
$
5,064
 
 
$
6,261
 
The current portion of contingent consideration was included within other accrued liabilities in the Consolidated Balance Sheets. The long-term portion was recorded within other long-term liabilities in the Consolidated Balance Sheets. The total contingent consideration has been assigned to the Company’s wholesale segment.
The following table summarizes the activity during 2013 and 2012 related to the contingent payments as recorded in the Consolidated Statements of Earnings (dollars in thousands):
 
 
 
 
2013
 
2012
Beginning balance
 
$
6,261
 
 
$
9,693
 
Payment of contingent consideration
 
 
(1,270)
 
 
 
 
Net losses (gains) on remeasurement of contingent consideration
 
 
24
 
 
 
(3,522
Interest expense
 
 
49
 
 
 
90
 
Ending balance
 
$
5,064
 
 
$
6,261
 
The net losses (gains) on remeasurement of contingent consideration were recorded within selling and administrative expenses in the Consolidated Statements of Earnings.
The fair value measurement of the contingent consideration is based on significant inputs not observed in the market and thus represents a level 3 valuation as defined by ASC 820. The fair value measurement was determined using a probability-weighted model which includes various estimates related to Bogs future sales levels and gross margins. As of December 31, 2013, management estimates that the range of reasonably possible potential amounts for the second payment is between $2 million and $7 million.
v2.4.0.6
EMPLOYEE RETIREMENT PLANS
12 Months Ended
Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract]  
Pension and Other Postretirement Benefits Disclosure [Text Block]

12. EMPLOYEE RETIREMENT PLANS

The Company has a defined benefit pension plan covering substantially all employees, as well as an unfunded supplemental pension plan for key executives. Retirement benefits are provided based on employees’ years of credited service and average earnings or stated amounts for years of service. Normal retirement age is 65 with provisions for earlier retirement. The plan also has provisions for disability and death benefits. The plan closed to new participants as of August 1, 2011. The Company’s funding policy for the defined benefit pension plan is to make contributions to the plan such that all employees’ benefits will be fully provided by the time they retire. Plan assets are stated at market value and consist primarily of equity securities and fixed income securities, mainly U.S. government and corporate obligations.
The Company follows ASC 715, Compensation — Retirement Benefits (“ASC 715”) which requires employers to recognize the funded status of defined benefit pension and other postretirement benefit plans as an asset or liability in their statements of financial position and to recognize changes in the funded status in the year in which the changes occur as a component of comprehensive income. In addition, ASC 715 requires employers to measure the funded status of their plans as of the date of their year-end statements of financial position. ASC 715 also requires additional disclosures regarding amounts included in accumulated other comprehensive loss.
The Company’s pension plan’s weighted average asset allocation at December 31, 2013 and 2012, by asset category, was as follows:
 
 
 
 
Plan Assets at December 31,
  
 
2013
 
2012
Asset Category:
 
 
  
 
 
 
  
 
Equity Securities
 
 
56%
 
 
 
52
Fixed Income Securities
 
 
35%
 
 
 
40
Other
 
 
9%
 
 
 
8
Total
 
 
100%
 
 
 
100
The Company has a Retirement Plan Committee, consisting of the Chief Executive Officer, Chief Operating Officer and Chief Financial Officer, to manage the operations and administration of all benefit plans and related trusts. The committee has an investment policy for the pension plan assets that establishes target asset allocation ranges for the above listed asset classes as follows: equity securities: 20% – 80%; fixed income securities: 20% – 80%; and other, principally cash: 0% – 20%. On a semi-annual basis, the committee reviews progress towards achieving the pension plan’s performance objectives.
To develop the expected long-term rate of return on assets assumption, the Company considered the historical returns and the future expectations for returns for each asset class, as well as the target asset allocation of the pension portfolio. This resulted in the selection of the 7.75% long-term rate of return on assets assumption.
Assumptions used in determining the funded status at December 31, 2013 and 2012 were:
 
 
 
 
2013
 
2012
Discount rate
 
 
5.03%
 
 
 
4.23
Rate of compensation increase
 
 
4.50%
 
 
 
4.50
The following is a reconciliation of the change in benefit obligation and plan assets of both the defined benefit pension plan and the unfunded supplemental pension plan for the years ended December 31, 2013 and 2012:
 
 
 
 
 
 
Defined Benefit
Pension Plan
 
Supplemental
Pension Plan
  
 
2013
 
2012
 
2013
 
2012
  
 
(Dollars in thousands)
Change in projected benefit obligation
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
Projected benefit obligation, beginning of year
 
$
43,452
 
 
$
39,523
 
 
$
12,270
 
 
$
13,870
 
Service cost
 
 
1,406
 
 
 
1,236
 
 
 
320
 
 
 
236
 
Interest cost
 
 
1,832
 
 
 
1,800
 
 
 
570
 
 
 
516
 
Plan amendments
 
 
 
 
 
 
 
 
 
 
 
(1,415
Actuarial (gain) loss
 
 
(3,466)
 
 
 
2,532
 
 
 
(468)
 
 
 
(576
Benefits paid
 
 
(1,754)
 
 
 
(1,639
 
 
(355)
 
 
 
(361
Projected benefit obligation, end
of year
 
$
41,470
 
 
$
43,452
 
 
$
12,337
 
 
$
12,270
 
Change in plan assets
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
Fair value of plan assets, beginning of year
 
 
27,819
 
 
 
26,655
 
 
 
 
 
 
 
Actual return on plan assets
 
 
4,316
 
 
 
2,932
 
 
 
 
 
 
 
Administrative expenses
 
 
(141)
 
 
 
(129
 
 
 
 
 
 
Contributions
 
 
1,282
 
 
 
 
 
 
355
 
 
 
361
 
Benefits paid
 
 
(1,754)
 
 
 
(1,639
 
 
(355)
 
 
 
(361
Fair value of plan assets, end of year
 
$
31,522
 
 
$
27,819
 
 
$
 
 
$
 
Funded status of plan
 
$
(9,948)
 
 
$
(15,633
 
$
(12,337)
 
 
$
(12,270
Amounts recognized in the consolidated balance sheets consist of:
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
Accrued liabilities – other
 
$
 
 
$
 
 
$
(384)
 
 
$
(373
Long-term pension liability
 
 
(9,948)
 
 
 
(15,633
 
 
(11,953)
 
 
 
(11,897
Net amount recognized
 
$
(9,948)
 
 
$
(15,633
 
$
(12,337)
 
 
$
(12,270
Amounts recognized in accumulated other comprehensive loss consist of:
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
Accumulated loss, net of income tax benefit of $4,054, $6,735, $1,729 and $2,102, respectively
 
$
6,341
 
 
$
10,534
 
 
$
2,705
 
 
$
3,288
 
Prior service cost (credit), net of income tax benefit (liability) of $1, $1, ($358) and ($402), respectively
 
 
1
 
 
 
1
 
 
 
(559)
 
 
 
(628
Net amount recognized
 
$
6,342
 
 
$
10,535
 
 
$
2,146
 
 
$
2,660
 
The actuarial gain recognized in 2013 resulted from an increase in the discount rate that was used to determine the funded status of the plan. The accumulated benefit obligation for the defined benefit pension plan and the supplemental pension plan was $36.3 million and $11.3 million, respectively, at December 31, 2013 and $38.2 million and $11.6 million, respectively, at December 31, 2012.
Assumptions used in determining net periodic pension cost for the years ended December 31, 2013, 2012 and 2011 were:
 
 
 
 
 
2013
 
2012
 
2011
Discount rate
 
 
4.23%
 
 
 
4.60
 
 
5.40
Rate of compensation increase
 
 
4.50%
 
 
 
4.50
 
 
4.50
Long-term rate of return on plan assets
 
 
7.75%
 
 
 
7.75
 
 
8.00
The components of net periodic pension cost for the years ended December 31, 2013, 2012 and 2011, were:
 
 
 
 
 
2013
 
2012
 
2011
  
 
(Dollars in thousands)
Benefits earned during the period
 
$
1,726
 
 
$
1,472
 
 
$
1,212
 
Interest cost on projected benefit obligation
 
 
2,403
 
 
 
2,317
 
 
 
2,373
 
Expected return on plan assets
 
 
(2,094)
 
 
 
(1,994
 
 
(2,021
Net amortization and deferral
 
 
1,702
 
 
 
1,612
 
 
 
1,272
 
Net pension expense
 
$
3,737
 
 
$
3,407
 
 
$
2,836
 
The Company expects to recognize expense of $901,000 due to the amortization of unrecognized loss and income of ($112,000) due to the amortization of prior service cost as components of net periodic benefit cost in 2014, which are included in accumulated other comprehensive loss at December 31, 2013.
It is the Company’s intention to satisfy the minimum funding requirements and maintain at least an 80% funding percentage in its defined benefit retirement plan in future years. At this time, the level of cash contribution that will be required in 2014 to maintain the minimum funding balance is unknown.
Projected benefit payments for the plans as of December 31, 2013 were estimated as follows:
 
 
 
 
Defined Benefit Pension Plan
 
Supplemental Pension
Plan
  
 
(Dollars in thousands)
2014
 
$
1,927
 
 
$
384
 
2015
 
$
1,993
 
 
$
394
 
2016
 
$
2,098
 
 
$
421
 
2017
 
$
2,174
 
 
$
430
 
2018
 
$
2,277
 
 
$
454
 
2019 – 2023
 
$
12,855
 
 
$
2,941
 
The following table summarizes the fair value of the Company’s pension plan assets as of December 31, 2013 by asset category within the fair value hierarchy (for further level information, see Note 4):
 
 
 
 
 
 
December 31, 2013
  
 
Quoted Prices in
Active
Markets
 
Significant
Observable
Inputs
 
Significant
Unobservable
Inputs
 
  
 
Level 1
 
Level 2
 
Level 3
 
Total
  
 
(Dollars in thousands)
Common stocks
 
$
13,339
 
 
$
1,470
 
 
$
 
 
$
14,809
 
Preferred stocks
 
 
786
 
 
 
 
 
 
 
 
 
786
 
Exchange traded funds
 
 
2,761
 
 
 
 
 
 
 
 
 
2,761
 
Corporate obligations
 
 
 
 
 
4,636
 
 
 
 
 
 
4,636
 
State and municipal obligations
 
 
 
 
 
538
 
 
 
 
 
 
538
 
Pooled fixed income funds
 
 
4,150
 
 
 
 
 
 
 
 
 
4,150
 
U.S. government securities
 
 
 
 
 
838
 
 
 
 
 
 
838
 
Cash and cash equivalents
 
 
2,927
 
 
 
 
 
 
 
 
 
2,927
 
Subtotal
 
 
23,963
 
 
 
7,482
 
 
 
 
 
 
31,445
 
Other assets(1)
 
 
 
 
 
 
 
 
 
 
 
77
 
Total
 
 
 
 
 
 
 
 
 
 
$
31,522
 
 
(1)
This category represents trust receivables that are not leveled.
The following table summarizes the fair value of the Company’s pension plan assets as of December 31, 2012 by asset category within the fair value hierarchy (for further level information, see Note 4):
 
 
 
 
 
 
December 31, 2012
  
 
Quoted Prices in Active Markets
 
Significant Observable Inputs
 
Significant Unobservable Inputs
  
 
Level 1
 
Level 2
 
Level 3
 
Total
  
 
(Dollars in thousands)
Common stocks
 
$
10,169
 
 
$
1,118
 
 
$
 
 
$
11,287
 
Preferred stocks
 
 
1,038
 
 
 
 
 
 
 
 
 
1,038
 
Exchange traded funds
 
 
3,194
 
 
 
 
 
 
 
 
 
3,194
 
Corporate obligations
 
 
 
 
 
4,573
 
 
 
 
 
 
4,573
 
State and municipal obligations
 
 
 
 
 
574
 
 
 
 
 
 
574
 
Foreign obligations
 
 
 
 
 
16
 
 
 
 
 
 
16
 
Pooled fixed income funds
 
 
3,212
 
 
 
 
 
 
 
 
 
3,212
 
U.S. government securities
 
 
 
 
 
1,584
 
 
 
 
 
 
1,584
 
Cash and cash equivalents
 
 
2,264
 
 
 
 
 
 
 
 
 
2,264
 
Subtotal
 
 
19,877
 
 
 
7,865
 
 
 
 
 
 
27,742
 
Other assets(1)
 
 
 
 
 
 
 
 
 
 
 
77
 
Total
 
 
 
 
 
 
 
 
 
 
$
27,819
 
 
(1)
This category represents trust receivables that are not leveled.
The Company also has a defined contribution plan covering substantially all employees. The Company contributed approximately $227,000, $221,000 and $212,000 in 2013, 2012 and 2011, respectively.
v2.4.0.6
INCOME TAXES
12 Months Ended
Dec. 31, 2013
Income Tax Disclosure [Abstract]  
Income Tax Disclosure [Text Block]

13. INCOME TAXES

The provision for income taxes included the following components at December 31, 2013, 2012 and 2011:
 
 
 
 
 
2013
 
2012
 
2011
  
 
(Dollars in thousands)
Current:
 
 
  
 
 
 
  
 
 
 
  
 
Federal
 
$
6,449
 
 
$
6,985
 
 
$
5,483
 
State
 
 
940
 
 
 
928
 
 
 
951
 
Foreign
 
 
1,273
 
 
 
972
 
 
 
2,490
 
Total
 
 
8,662
 
 
 
8,885
 
 
 
8,924
 
Deferred
 
 
1,268
 
 
 
1,648
 
 
 
(343
Total provision
 
$
9,930
 
 
$
10,533
 
 
$
8,581
 
The differences between the U.S. federal statutory income tax rate and the Company’s effective tax rate were as follows for the years ended December 31, 2013, 2012 and 2011:
 
 
 
 
 
2013
 
2012
 
2011
U.S. federal statutory income tax rate
 
 
35.0%
 
 
 
35.0
 
 
35.0
State income taxes, net of federal tax benefit
 
 
2.6
 
 
 
2.3
 
 
 
2.5
 
Non-taxable municipal bond interest
 
 
(1.7)
 
 
 
(1.9
 
 
(2.7
Foreign income tax rate differences
 
 
(0.9)
 
 
 
(2.2
 
 
(1.5
Other
 
 
0.2
 
 
 
0.9
 
 
 
1.0
 
Effective tax rate
 
 
35.2%
 
 
 
34.1
 
 
34.3
The foreign component of pretax net earnings was $4.2 million, $6.2 million and $5.3 million for 2013, 2012 and 2011, respectively. As of December 31, 2013, the total amount of unremitted foreign earnings was $6.2 million. A deferred tax liability has not been recorded on these unremitted earnings because the Company intends to permanently reinvest such earnings outside of the U.S. Future dividends, if any, would be paid only out of current year earnings in the year earned. If the remaining unremitted foreign earnings at December 31, 2013 were to be repatriated in the future, the related deferred tax liability would not have a material impact on the Company’s financial statements.
The components of deferred taxes as of December 31, 2013 and 2012 were as follows:
 
 
 
 
2013
 
2012
  
 
(Dollars in thousands)
Deferred tax benefits:
 
 
  
 
 
 
  
 
Accounts receivable reserves
 
$
440
 
 
$
421
 
Pension liability
 
 
8,691
 
 
 
10,882
 
Accrued liabilities
 
 
2,164
 
 
 
1,934
 
  
 
 
11,295
 
 
 
13,237
 
Deferred tax liabilities:
 
 
  
 
 
 
  
 
Inventory and related reserves
 
 
(2,601)
 
 
 
(1,316
Cash value of life insurance
 
 
(3,240)
 
 
 
(3,029
Property, plant and equipment
 
 
(1,757)
 
 
 
(1,713
Intangible assets
 
 
(5,948)
 
 
 
(5,051
Prepaid and other assets
 
 
(264)
 
 
 
(268
Foreign currency gains on intercompany loans
 
 
(327)
 
 
 
(419
  
 
 
(14,137)
 
 
 
(11,796
Net deferred income tax benefits
 
$
(2,842)
 
 
$
1,441
 
The net deferred tax (liabilities) benefits are classified in the Consolidated Balance Sheets as follows:
 
 
 
 
2013
 
2012
  
 
(Dollars in thousands)
Current deferred income tax (liabilities) benefits
 
$
(849)
 
 
$
649
 
Noncurrent deferred income tax (liabilities) benefits
 
 
(1,993)
 
 
 
792
 
  
 
$
(2,842)
 
 
$
1,441
 

Uncertain Tax Positions

The Company accounts for its uncertain tax positions in accordance with ASC 740, Income Taxes (“ASC 740”). ASC 740 provides that the tax effects from an uncertain tax position can be recognized in the Company’s consolidated financial statements only if the position is more likely than not of being sustained on audit, based on the technical merits of the position.
The following table summarizes the activity related to the Company’s unrecognized tax benefits:
 
 
(Dollars in thousands)
 
Balance at December 31, 2010
 
$
84
 
Expiration of the statute of limitations for the assessment of taxes
 
 
(84
Balance at December 31, 2011
 
$
 
Increases related to current year tax positions
 
 
124
 
Balance at December 31, 2012
 
$
124
 
Increases related to current year tax positions
 
 
 
Balance at December 31, 2013
 
$
124
 
The Company had unrecognized tax benefits of $124,000 at December 31, 2013. This amount, if recognized, would reduce the Company’s annual effective tax rate. Included in the Consolidated Balance Sheets at December 31, 2013 was a liability for potential interest related to these positions of $5,000. The Company had unrecognized tax benefits of $124,000 at December 31, 2012. This amount, if recognized, would reduce the Company’s annual effective tax rate. Included in the Consolidated Balance Sheets at December 31, 2012 was a liability for potential interest related to these positions of $2,000. The Company had no unrecognized tax benefits as of December 31, 2011.
The Company files a U.S. federal income tax return, various U.S. state income tax returns and several foreign returns. In general, the 2009 through 2013 tax years remain subject to examination by those taxing authorities.
v2.4.0.6
COMMITMENTS
12 Months Ended
Dec. 31, 2013
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Disclosure [Text Block]

14. COMMITMENTS

The Company operates retail shoe stores under both short-term and long-term leases. Leases provide for a minimum rental plus percentage rentals based upon sales in excess of a specified amount. The Company also leases office space in the U.S. and its distribution facilities in Canada and overseas. Total minimum rents were $9.5 million in 2013, $9.6 million in 2012 and $8.3 million in 2011. Percentage rentals were $430,000 in 2013, $1.2 million in 2012 and $1.2 million in 2011.
Future fixed and minimum rental commitments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2013, are shown below. Renewal options exist for many long-term leases.
 
 
(Dollars in thousands)
 
Operating Leases
2014
 
$
8,573
 
2015
 
 
6,280
 
2016
 
 
4,942
 
2017
 
 
3,810
 
2018
 
 
3,222
 
Thereafter
 
 
9,428
 
Total
 
$
36,255
 
At December 31, 2013, the Company also had purchase commitments of approximately $65.6 million to purchase inventory, all of which were due in less than one year.
v2.4.0.6
STOCK REPURCHASE PROGRAM
12 Months Ended
Dec. 31, 2013
Share Repurchase Program Disclosure [Abstract]  
Share Repurchase Program Disclosure [Text Block]
15. STOCK REPURCHASE PROGRAM
 
In April 1998, the Company’s Board of Directors first authorized a stock repurchase program to purchase shares of its common stock in open market transactions at prevailing prices. In 2013, the Company purchased 195,050 shares at a total cost of $4.6 million through its stock repurchase program. In 2012, the Company purchased 285,422 shares at a total cost of $6.6 million through its stock repurchase program. In 2011, the Company purchased 175,606 shares at a total cost of $4.0 million through its stock repurchase program and 400,319 shares at a total cost of $9.0 million in a private transaction. At December 31, 2013, the Company was authorized to purchase an additional 628,000 shares under the program.
v2.4.0.6
EARNINGS PER SHARE
12 Months Ended
Dec. 31, 2013
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]

16. EARNINGS PER SHARE

The following table sets forth the computations of basic and diluted earnings per share for the years ended December 31, 2013, 2012 and 2011:
 
 
 
 
 
2013
 
2012
 
2011
  
 
(In thousands, except per share amounts)
Numerator:
 
 
  
 
 
 
  
 
 
 
  
 
Net earnings attributable to Weyco Group, Inc.
 
$
17,601
 
 
$
18,957
 
 
$
15,251
 
Denominator:
 
 
  
 
 
 
  
 
 
 
  
 
Basic weighted average shares outstanding
 
 
10,779
 
 
 
10,844
 
 
 
11,066
 
Effect of dilutive securities:
 
 
  
 
 
 
  
 
 
 
  
 
Employee stock-based awards
 
 
86
 
 
 
106
 
 
 
93
 
Diluted weighted average shares outstanding
 
 
10,865
 
 
 
10,950
 
 
 
11,159
 
Basic earnings per share
 
$
1.63
 
 
$
1.75
 
 
$
1.38
 
Diluted earnings per share
 
$
1.62
 
 
$
1.73
 
 
$
1.37
 
Diluted weighted average shares outstanding for 2013 exclude antidilutive unvested restricted stock and outstanding stock options totaling 353,000 shares at a weighted average price of $26.85. Diluted weighted average shares outstanding for 2012 exclude antidilutive unvested restricted stock and outstanding stock options totaling 874,530 shares at a weighted average price of $24.26.
Unvested restricted stock awards provide holders with dividend rights prior to vesting, however, such rights are forfeitable if the awards do not vest. As a result, unvested restricted stock awards are not participating securities and are excluded from the computation of earnings per share.
v2.4.0.6
SEGMENT INFORMATION
12 Months Ended
Dec. 31, 2013
Segment Reporting [Abstract]  
Segment Reporting Disclosure [Text Block]

17. SEGMENT INFORMATION

The Company has two reportable segments: North American wholesale operations (“wholesale”) and North American retail operations (“retail”). The chief operating decision maker, the Company’s Chief Executive Officer, evaluates the performance of its segments based on earnings from operations and accordingly, interest income or expense, other income or expense, and income taxes are not allocated to the segments. The “other” category in the table below includes the Company’s wholesale and retail operations in Australia, South Africa, Asia Pacific and Europe, which do not meet the criteria for separate reportable segment classification.
In the wholesale segment, shoes are marketed through more than 10,000 footwear, department and specialty stores, primarily in the United States and Canada. Licensing revenues are also included in the Company’s wholesale segment. The Company has licensing agreements with third parties who sell its branded apparel, accessories and specialty footwear in the United States, as well as its footwear in Mexico and certain markets overseas. In 2013, 2012 and 2011, there was no single customer with sales above 10% of the Company’s total sales.
In the retail segment, the Company operated 17 Company-owned stores in principal cities and an internet business in the United States as of December 31, 2013. Sales in retail outlets are made directly to the consumer by Company employees. In addition to the sale of the Company’s brands of footwear in these retail outlets, other branded footwear and accessories are also sold.
The accounting policies of the segments are the same as those described in the Summary of Significant Accounting Policies. Summarized segment data for the years ended December 31, 2013, 2012 and 2011 was as follows:
 
 
 
 
 
 
Wholesale
 
Retail
 
Other
 
Total
  
 
(Dollars in thousands)
2013
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
Product sales
 
$
222,459
 
 
$
23,255
 
 
$
51,372
 
 
$
297,086
 
Licensing revenues
 
 
3,198
 
 
 
 
 
 
 
 
 
3,198
 
Net sales
 
 
225,657
 
 
 
23,255
 
 
 
51,372
 
 
 
300,284
 
Depreciation
 
 
2,481
 
 
 
538
 
 
 
943
 
 
 
3,962
 
Earnings from operations
 
 
20,742
 
 
 
3,018
 
 
 
3,995
 
 
 
27,755
 
Total assets
 
 
230,509
 
 
 
7,412
 
 
 
29,612
 
 
 
267,533
 
Capital expenditures
 
 
790
 
 
 
34
 
 
 
1,875
 
 
 
2,699
 
2012
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
Product sales
 
$
214,568
 
 
$
24,348
 
 
$
51,215
 
 
$
290,131
 
Licensing revenues
 
 
3,340
 
 
 
 
 
 
 
 
 
3,340
 
Net sales
 
 
217,908
 
 
 
24,348
 
 
 
51,215
 
 
 
293,471
 
Depreciation
 
 
2,083
 
 
 
544
 
 
 
711
 
 
 
3,338
 
Earnings from operations
 
 
22,214
 
 
 
1,662
 
 
 
5,921
 
 
 
29,797
 
Total assets
 
 
246,523
 
 
 
7,994
 
 
 
30,804
 
 
 
285,321
 
Capital expenditures
 
 
7,235
 
 
 
844
 
 
 
1,461
 
 
 
9,540
 
2011
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
Product sales
 
$
195,638
 
 
$
24,740
 
 
$
47,273
 
 
$
267,651
 
Licensing revenues
 
 
3,449
 
 
 
 
 
 
 
 
 
3,449
 
Net sales
 
 
199,087
 
 
 
24,740
 
 
 
47,273
 
 
 
271,100
 
Depreciation
 
 
1,677
 
 
 
565
 
 
 
349
 
 
 
2,591
 
Earnings from operations
 
 
15,673
 
 
 
1,554
 
 
 
5,970
 
 
 
23,197
 
Total assets
 
 
237,279
 
 
 
7,374
 
 
 
28,855
 
 
 
273,508
 
Capital expenditures
 
 
6,562
 
 
 
249
 
 
 
1,364
 
 
 
8,175
 
All North American corporate office assets are included in the wholesale segment. Transactions between segments primarily consist of sales between the wholesale and retail segments. Intersegment sales are valued at the cost of inventory plus an estimated cost to ship the products. Intersegment sales have been eliminated and are excluded from net sales in the above table.

Geographic Segments

Financial information relating to the Company’s business by geographic area was as follows for the years ended December 31, 2013, 2012 and 2011:
 
 
 
 
 
2013
 
2012
 
2011
  
 
(Dollars in thousands)
Net Sales:
 
 
  
 
 
 
  
 
 
 
  
 
United States
 
$
231,729
 
 
$
225,397
 
 
$
212,779
 
Canada
 
 
17,183
 
 
 
16,859
 
 
 
11,049
 
Europe
 
 
8,117
 
 
 
7,230
 
 
 
8,014
 
Australia
 
 
29,318
 
 
 
29,465
 
 
 
25,049
 
Asia
 
 
9,484
 
 
 
8,956
 
 
 
8,277
 
South Africa
 
 
4,453
 
 
 
5,564
 
 
 
5,932
 
Total
 
$
300,284
 
 
$
293,471
 
 
$
271,100
 
Long-Lived Assets:
 
 
  
 
 
 
  
 
 
 
  
 
United States
 
$
77,755
 
 
$
80,268
 
 
$
75,293
 
Other
 
 
9,255
 
 
 
6,009
 
 
 
5,116
 
  
 
$
87,010
 
 
$
86,277
 
 
$
80,409
 
Net sales attributed to geographic locations are based on the location of the assets producing the sales. Long-lived assets by geographic location consist of property, plant and equipment (net), goodwill, trademarks and amortizable intangible assets.
v2.4.0.6
STOCK-BASED COMPENSATION PLANS
12 Months Ended
Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

18. STOCK-BASED COMPENSATION PLANS

At December 31, 2013, the Company had three stock-based compensation plans: the 1997 Stock Option Plan, the 2005 Equity Incentive Plan and the 2011 Incentive Plan (collectively, “the Plans”). Under the Plans, options to purchase common stock were granted to officers and key employees at exercise prices not less than the fair market value of the Company’s common stock on the date of the grant. The Company issues new common stock to satisfy stock option exercises and the issuance of restricted stock awards. Awards are no longer granted under the 1997 and 2005 plans.
Stock options and restricted stock awards were granted on December 2, 2013, and on December 1, 2012 and 2011. Under the 2011 Incentive Plan, stock options and restricted stock awards are valued at fair market value based on the Company’s closing stock price on the date of grant. Under the 1997 and 2005 plans, stock options were valued at fair market value based on the average of the Company’s high and low trade prices on the date of grant. The stock options and restricted stock awards granted in 2013, 2012 and 2011 vest ratably over four years. Stock options granted between 2013 and 2011 expire six years from the date of grant. Stock options granted between 2006 and 2010 expire five years from the date of grant. Stock options granted prior to 2006 expire ten years from the grant date, with the exception of certain incentive stock options, which expired five years from the date of grant. As of December 31, 2013, there were 118,300 shares remaining available for stock-based awards under the 2011 Incentive Plan.
In accordance with ASC 718, stock-based compensation expense was recognized in the 2013, 2012 and 2011 consolidated financial statements for stock options and restricted stock awards granted since 2007. An estimate of forfeitures, based on historical data, was included in the calculation of stock-based compensation, and the estimate was adjusted quarterly to the extent that actual forfeitures differ, or are expected to materially differ, from such estimates. The effect of applying the expense recognition provisions of ASC 718 in 2013, 2012 and 2011 decreased Earnings Before Provision For Income Taxes by approximately $1,283,000, $1,201,000 and $1,224,000, respectively.
As of December 31, 2013, there was $2.2 million of total unrecognized compensation cost related to non-vested stock options granted in the years 2010 through 2013 which is expected to be recognized over the weighted-average remaining vesting period of 2.9 years. As of December 31, 2013, there was $1.2 million of total unrecognized compensation cost related to non-vested restricted stock awards granted in the years 2010 through 2013 which is expected to be recognized over the weighted-average remaining vesting period of 3.1 years.
The following weighted-average assumptions were used to determine compensation expense related to stock options in 2013, 2012 and 2011:
 
 
 
 
 
2013
 
2012
 
2011
Risk-free interest rate
 
 
1.10%
 
 
 
0.51
 
 
0.66
Expected dividend yield
 
 
2.53%
 
 
 
2.89
 
 
2.65
Expected term
 
 
4.3 years
 
 
 
4.3 years
 
 
 
4.3 years
 
Expected volatility
 
 
16.2%
 
 
 
26.4
 
 
29.6
The risk-free interest rate is based on U.S. Treasury bonds with a remaining term equal to the expected term of the award. The expected dividend yield is based on the Company’s expected annual dividend as a percentage of the market value of the Company’s common stock in the year of grant. The expected term of the stock options is determined using historical experience. The expected volatility is based upon historical stock prices over the most recent period equal to the expected term of the award.
The following tables summarize stock option activity under the Company’s plans:

Stock Options

 
 
 
 
 
 
 
 
Years ended December 31,
  
 
2013
 
2012
 
2011
Stock Options
 
Shares
 
Weighted Average Exercise Price
 
Shares
 
Weighted Average Exercise Price
 
Shares
 
Weighted Average Exercise Price
Outstanding at beginning of year
 
 
1,265,792
 
 
$
22.76
 
 
 
1,307,488
 
 
$
21.76
 
 
 
1,269,426
 
 
$
20.25
 
Granted
 
 
333,300
 
 
 
28.50
 
 
 
253,400
 
 
 
23.53
 
 
 
235,700
 
 
 
24.21
 
Exercised
 
 
(219,526)
 
 
 
17.91
 
 
 
(174,646
 
 
13.17
 
 
 
(122,463
 
 
8.95
 
Forfeited or expired
 
 
(118,700)
 
 
 
30.30
 
 
 
(120,450
 
 
27.37
 
 
 
(75,175
 
 
24.93
 
Outstanding at end of year
 
 
1,260,866
 
 
$
24.41
 
 
 
1,265,792
 
 
$
22.76
 
 
 
1,307,488
 
 
$
21.76
 
Exercisable at end of year
 
 
581,081
 
 
$
22.39
 
 
 
706,863
 
 
$
21.89
 
 
 
821,510
 
 
$
20.16
 
Weighted average fair market value of options granted
 
$
2.77
 
 
 
 
 
$
3.68
 
 
 
 
 
$
4.51
 
 
 
 
 
 
 
 
Weighted Average Remaining Contractual Life
(in Years)
 
Aggregate
Intrinsic Value
Outstanding – December 31, 2013
 
 
3.7
 
 
$
6,330,000
 
Exercisable – December 31, 2013
 
 
2.2
 
 
$
4,092,000
 
The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the market value of the Company’s stock on December 31, 2013 of $29.43 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options.

Non-vested Stock Options

 
 
 
 
Non-vested Stock Options
 
Number of Options
 
Weighted Average Exercise Price
 
Weighted Average
Fair Value
Non-vested – December 31, 2010
 
 
421,226
 
 
$
25.16
 
 
$
4.94
 
Granted
 
 
235,700
 
 
 
24.21
 
 
 
4.51
 
Vested
 
 
(145,298
 
 
25.86
 
 
 
5.05
 
Forfeited
 
 
(25,650
 
 
25.62
 
 
 
4.91
 
Non-vested – December 31, 2011
 
 
485,978
 
 
$
24.46
 
 
$
4.70
 
Granted
 
 
253,400
 
 
 
23.53
 
 
 
3.68
 
Vested
 
 
(173,824
 
 
25.05
 
 
 
4.73
 
Forfeited
 
 
(6,625
 
 
24.26
 
 
 
4.60
 
Non-vested – December 31, 2012
 
 
558,929
 
 
$
23.86
 
 
$
4.23
 
Granted
 
 
333,300
 
 
 
28.50
 
 
 
2.77
 
Vested
 
 
(207,044
 
 
23.83
 
 
 
4.42
 
Forfeited
 
 
(5,400
 
 
23.95
 
 
 
4.28
 
Non-vested – December 31, 2013
 
 
679,785
 
 
$
26.14
 
 
$
3.46
 
The following table summarizes information about outstanding and exercisable stock options at December 31, 2013:
 
 
 
 
 
 
 
Options Outstanding
 
Options Exercisable
Range of Exercise Prices
 
Number of Options Outstanding
 
Weighted Average Remaining Contractual Life
(in Years)
 
Weighted Average Exercise Price
 
Number of Options Exercisable
 
Weighted Average Exercise
Price
$15.46 to $18.03
 
 
135,966
 
 
 
1.20
 
 
$
17.71
 
 
 
135,966
 
 
$
17.71
 
$23.09 to $23.53
 
 
400,775
 
 
 
3.41
 
 
 
23.36
 
 
 
212,068
 
 
 
23.22
 
$24.21 to $28.50
 
 
724,125
 
 
 
4.37
 
 
 
26.25
 
 
 
233,047
 
 
 
24.36
 
  
 
 
1,260,866
 
 
 
3.72
 
 
$
24.41
 
 
 
581,081
 
 
$
22.39
 
The following table summarizes stock option activity for the years ended December 31:
 
 
 
 
 
2013
 
2012
 
2011
  
 
(Dollars in thousands)
Total intrinsic value of stock options exercised
 
$
1,506
 
 
$
1,704
 
 
$
1,299
 
Cash received from stock option exercises
 
$
3,932
 
 
$
2,300
 
 
$
1,096
 
Income tax benefit from the exercise of stock options
 
$
588
 
 
$
664
 
 
$
507
 
Total fair value of stock options vested
 
$
915
 
 
$
821
 
 
$
733
 

Restricted Stock

The following table summarizes restricted stock award activity during the years ended December 31, 2011, 2012 and 2013:
 
 
 
Non-vested Restricted Stock
 
Shares of Restricted Stock
 
Weighted Average
Grant Date
Fair Value
Non-vested – December 31, 2010
 
 
35,448
 
 
$
24.79
 
Issued
 
 
19,300
 
 
 
24.21
 
Vested
 
 
(16,748
 
 
25.91
 
Forfeited
 
 
 
 
 
 
Non-vested – December 31, 2011
 
 
38,000
 
 
$
24.47
 
Issued
 
 
19,600
 
 
 
23.53
 
Vested
 
 
(15,025
 
 
24.97
 
Forfeited
 
 
 
 
 
 
Non-vested – December 31, 2012
 
 
42,575
 
 
 
23.87
 
Issued
 
 
20,400
 
 
 
28.50
 
Vested
 
 
(15,475
 
 
23.85
 
Forfeited
 
 
 
 
 
 
Non-vested – December 31, 2013
 
 
47,500
 
 
$
25.86
 
At December 31, 2013, the Company expected 47,500 of shares of restricted stock to vest over a weighted-average remaining contractual term of 3.02 years. These shares had an aggregate intrinsic value of $1,398,000 at December 31, 2013. The aggregate intrinsic value was calculated using the market value of the Company’s stock on December 31, 2013 of $29.43 multiplied by the number of non-vested restricted shares outstanding. The income tax benefit from the vesting of restricted stock for the years ended December 31 was approximately $177,000 in 2013, $137,000 in 2012, and $158,000 in 2011.
v2.4.0.6
QUARTERLY FINANCIAL DATA (Unaudited)
12 Months Ended
Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information [Text Block]

19. QUARTERLY FINANCIAL DATA (Unaudited)

(In thousands, except per share amounts)
 
 
 
 
 
 
2013
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
Year
Net sales
 
$
73,590
 
 
$
65,041
 
 
$
83,108
 
 
$
78,545
 
 
$
300,284
 
Gross earnings
 
$
27,699
 
 
$
24,698
 
 
$
31,579
 
 
$
33,337
 
 
$
117,313
 
Net earnings attributable to Weyco Group, Inc.
 
$
3,200
 
 
$
2,205
 
 
$
5,392
 
 
$
6,804
 
 
$
17,601
 
Net earnings per share:
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
Basic
 
$
0.30
 
 
$
0.20
 
 
$
0.50
 
 
$
0.63
 
 
$
1.63
 
Diluted
 
$
0.30
 
 
$
0.20
 
 
$
0.50
 
 
$
0.62
 
 
$
1.62
 
 
 
 
 
 
 
2012
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
Year
Net sales
 
$
75,314
 
 
$
60,333
 
 
$
79,473
 
 
$
78,351
 
 
$
293,471
 
Gross earnings
 
$
28,031
 
 
$
22,878
 
 
$
30,446
 
 
$
33,532
 
 
$
114,887
 
Net earnings attributable to Weyco Group, Inc.
 
$
3,869
 
 
$
2,219
 
 
$
5,192
 
 
$
7,677
 
 
$
18,957
 
Net earnings per share:
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
Basic
 
$
0.36
 
 
$
0.20
 
 
$
0.48
 
 
$
0.71
 
 
$
1.75
 
Diluted
 
$
0.35
 
 
$
0.20
 
 
$
0.48
 
 
$
0.71
 
 
$
1.73
 
v2.4.0.6
VALUATION AND QUALIFYING ACCOUNTS
12 Months Ended
Dec. 31, 2013
Valuation and Qualifying Accounts [Abstract]  
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]
20. VALUATION AND QUALIFYING ACCOUNTS
 
 
Deducted from Assets
  
 
Doubtful Accounts
 
Returns and Allowances
 
Total
  
 
(Dollars in thousands)
BALANCE, DECEMBER 31, 2010
 
$
1,109
 
 
$
1,177
 
 
$
2,286
 
Add – Additions charged to earnings
 
 
316
 
 
 
2,496
 
 
 
2,812
 
Add – Acquisitions and other adjustments
 
 
316
 
 
 
 
 
 
316
 
Deduct – Charges for purposes for which reserves were established
 
 
(326
 
 
(2,729
 
 
(3,055
BALANCE, DECEMBER 31, 2011
 
$
1,415
 
 
$
944
 
 
$
2,359
 
Add – Additions charged to earnings
 
 
175
 
 
 
2,954
 
 
 
3,129
 
Deduct – Charges for purposes for which reserves were established
 
 
(319
 
 
(2,750
 
 
(3,069
BALANCE, DECEMBER 31, 2012
 
$
1,271
 
 
$
1,148
 
 
$
2,419
 
Add – Additions charged to earnings
 
 
132
 
 
 
2,974
 
 
 
3,106
 
Deduct – Charges for purposes for which reserves were established
 
 
(170
 
 
(3,062
 
 
(3,232
BALANCE, DECEMBER 31, 2013
 
$
1,233
 
 
$
1,060
 
 
$
2,293
 
v2.4.0.6
SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2013
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

21. SUBSEQUENT EVENTS

The Company has evaluated subsequent events through March 12, 2014, the date these financial statements were issued. No significant subsequent events have occurred through this date requiring adjustment to the financial statements or disclosures.
v2.4.0.6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
12 Months Ended
Dec. 31, 2013
Accounting Policies [Abstract]  
Consolidation, Policy [Policy Text Block]
Principles of Consolidation — The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, and include all of the Company’s majority-owned subsidiaries.
Use of Estimates, Policy [Policy Text Block]
Use of Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported periods. Actual results could differ materially from those estimates.
Cash and Cash Equivalents, Policy [Policy Text Block]
Cash and Cash Equivalents — The Company considers all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. At December 31, 2013 and 2012, the Company’s cash and cash equivalents included investments in money market accounts and cash deposits at various banks.
Investment, Policy [Policy Text Block]
Investments —  All of the Company’s municipal bond investments are classified as held-to-maturity securities and reported at amortized cost pursuant to Accounting Standards Codification (“ASC”) 320, Investments — Debt and Equity Securities (“ASC 320”) as the Company has the intent and ability to hold all bond investments to maturity. See Note 5.
Trade and Other Accounts Receivable, Policy [Policy Text Block]
Accounts Receivable — Trade accounts receivable arise from the sale of products on trade credit terms. On a quarterly basis, the Company reviews all significant accounts with past due balances, as well as the collectability of other outstanding trade accounts receivable for possible write-off. It is the Company’s policy to write-off accounts receivable against the allowance account when receivables are deemed to be uncollectible. The allowance for doubtful accounts reflects the Company’s best estimate of probable losses in the accounts receivable balances. The Company determines the allowance based on known troubled accounts, historical experience and other evidence currently available.
Inventory, Policy [Policy Text Block]
Inventories — Inventories are valued at cost, which is not in excess of market value. The majority of inventories are determined on a last-in, first-out (“LIFO”) basis. Inventory costs include the cost of shoes purchased from third-party manufacturers, as well as related freight and duty costs. The Company generally takes title to product at the time of shipping. See Note 6.
Property, Plant and Equipment, Policy [Policy Text Block]
Property, Plant and Equipment and Depreciation — Property, plant and equipment are stated at cost. Plant and equipment are depreciated using primarily the straight-line method over their estimated useful lives as follows: buildings and improvements, 10 to 39 years; machinery and equipment, 3 to 5 years; furniture and fixtures, 5 to 7 years.
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]
Impairment of Long-Lived Assets — Property, plant and equipment are reviewed for impairment in accordance with ASC 360, Property, Plant and Equipment (“ASC 360”) if events or changes in circumstances indicate that the carrying amounts may not be recoverable. Recoverability of assets is measured by a comparison of the carrying amount of an asset to its related estimated undiscounted future cash flows. If the sum of the expected undiscounted cash flows is less than the carrying value of the related asset or group of assets, a loss is recognized for the difference between the fair value and carrying value of the asset or group of assets. To derive the fair value, the Company utilizes the income approach and the fair value determined is categorized as Level 3 in the fair value hierarchy. The fair value of each asset group is determined using the estimated future cash flows discounted at an estimated weighted-average cost of capital. For purposes of the impairment review, the Company groups assets at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. In the case of its retail stores, the Company groups assets at the individual store level. In connection with the Company’s impairment review, the Company’s retail segment recognized an impairment charge of $93,000 in 2012 and $165,000 in 2011, which was recorded within selling and administrative expenses in the Consolidated Statements of Earnings. No impairment charge was recognized in 2013.
Goodwill and Intangible Assets, Policy [Policy Text Block]
Goodwill and Intangible Assets —  Goodwill represents the excess of the purchase price over the estimated fair value of the underlying assets acquired and liabilities assumed in the acquisition of a business. Goodwill is not subject to amortization. Other intangible assets consist of trademarks, customer relationships, and a non-compete agreement. Intangible assets with definite lives are amortized over their estimated useful lives. Intangible assets which are not amortized are reviewed for impairment annually and whenever events or changes in circumstances indicate the carrying amounts may not be recoverable. See Note 8.
Life Settlement Contracts, Policy [Policy Text Block]
Life Insurance —  Life insurance policies are recorded at the amount that could be realized under the insurance contracts as of the date of financial position. These assets are included within other assets in the Consolidated Balance Sheets. See Note 9.
Contingent Consideration Policy [Policy Text Block]
Contingent Consideration —  The Company recorded its estimate of the fair value of contingent consideration related to the Bogs acquisition within other short-term accrued liabilities and other long-term liabilities in the Consolidated Balance Sheets. On a quarterly basis, the Company revalues the obligation and records increases or decreases in its fair value as an adjustment to operating earnings. Changes to the contingent consideration obligation can result from adjustments to the discount rate, accretion of the discount due to the passage of time, or changes in assumptions regarding the future performance of Bogs. The assumptions used to determine the fair value of contingent consideration include a significant amount of judgment, and any changes in the assumptions could have a material impact on the amount of contingent consideration expense or income recorded in a given period. See Note 11.
Income Tax, Policy [Policy Text Block]
Income Taxes —  Deferred income taxes are provided on temporary differences arising from differences in the basis of assets and liabilities for income tax and financial reporting purposes. Interest related to unrecognized tax benefits is classified as interest expense in the Consolidated Statements of Earnings. See Note 13.
Noncontrolling Interest Policy [Policy Text Block]
Noncontrolling Interest —  The Company’s noncontrolling interest is accounted for under ASC 810, Consolidation (“ASC 810”) and represents the minority shareholder’s ownership interest related to the Company’s wholesale and retail businesses in Australia, South Africa and Asia Pacific. In accordance with ASC 810, the Company reports its noncontrolling interest in subsidiaries as a separate component of equity in the Consolidated Balance Sheets and reports both net earnings attributable to the noncontrolling interest and net earnings attributable to the Company’s common shareholders on the face of the Consolidated Statements of Earnings.
In accordance with the subscription agreement entered into in connection with the acquisition of Florsheim Australia Pty Ltd (“Florsheim Australia”) in January 2009, the Company’s equity interest in Florsheim Australia decreases from 60% to 51% of equity issued under the subscription agreement as intercompany loans are paid in accordance with their terms. To date, the Company’s equity interest in Florsheim Australia has decreased from 60% to 55% and the noncontrolling shareholder’s interest has increased from 40% to 45%. This change is reflected in the Consolidated Statements of Equity.
Revenue Recognition, Policy [Policy Text Block]
Revenue Recognition — Revenue from the sale of product is recognized when title and risk of loss transfers to the customer and the customer is obligated to pay the Company. Sales to independent dealers are recorded at the time of shipment to those dealers. Sales through Company-owned retail outlets are recorded at the time of delivery to retail customers. All product sales are recorded net of estimated allowances for returns and discounts. The Company’s estimates of allowances for returns and discounts are based on such factors as specific customer situations, historical experience, and current and expected economic conditions. The Company evaluates the reserves and the estimation process and makes adjustments when appropriate. Revenue from third-party licensing agreements is recognized in the period earned. Licensing revenues were $3.2 million in 2013, $3.3 million in 2012, and $3.4 million in 2011.
Shipping and Handling Cost, Policy [Policy Text Block]
Shipping and Handling Fees — The Company classifies shipping and handling fees billed to customers as revenues. The related shipping and handling expenses incurred by the Company are included in selling and administrative expenses and totaled $2.7 million in 2013, $2.3 million in 2012, and $2.2 million in 2011.
Cost of Sales, Policy [Policy Text Block]
Cost of Sales — The Company’s cost of sales includes the cost of products and inbound freight and duty costs.
Selling, General and Administrative Expenses, Policy [Policy Text Block]
Selling and Administrative Expenses —  Selling and administrative expenses primarily include salaries and commissions, advertising costs, employee benefit costs, distribution costs (e.g., receiving, inspection and warehousing costs), rent and depreciation. Distribution costs included in selling and administrative expenses were $10.8 million in 2013, $10.0 million in 2012, and $8.6 million in 2011.
Advertising Costs, Policy [Policy Text Block]
Advertising Costs —  Advertising costs are expensed as incurred. Total advertising costs were $11.4 million, $10.5 million, and $8.7 million in 2013, 2012 and 2011, respectively. All advertising expenses are included in selling and administrative expenses with the exception of co-op advertising expenses which are recorded as a reduction of net sales. Co-op advertising expenses, which are included in the above totals, reduced net sales by $4.3 million, $4.0 million, and $3.3 million in 2013, 2012 and 2011, respectively.
Foreign Currency Translations Policy [Policy Text Block]
Foreign Currency Translations — The Company accounts for currency translations in accordance with ASC 830, Foreign Currency Matters (“ASC 830”) under which non-U.S. subsidiaries’ balance sheet accounts are translated into U.S. dollars at the rates of exchange in effect at fiscal year-end and income and expense accounts are translated at the weighted average rates of exchange in effect during the year. Translation adjustments resulting from this process are recognized as a separate component of accumulated other comprehensive loss, which is a component of equity.
Foreign Currency Transactions Policy [Policy Text Block]
Foreign Currency Transactions —  Gains and losses from foreign currency transactions are included in other income and expense, net, in the Consolidated Statements of Earnings. Net foreign currency transaction losses totaled approximately $279,000 in 2013, $138,000 in 2012, and $197,000 in 2011.
Fair Value of Financial Instruments, Policy [Policy Text Block]
Financial Instruments —  At December 31, 2013, the Company’s majority owned subsidiary, Florsheim Australia, had forward exchange contracts outstanding to buy $6.3 million U.S. dollars at a price of approximately $6.8 million Australian dollars. These contracts all expire in 2014. Based on year-end exchange rates, there were no significant gains or losses on the outstanding contracts.
Earnings Per Share, Policy [Policy Text Block]
Earnings Per Share — Basic earnings per share excludes any dilutive effects of restricted stock and options to purchase common stock. Diluted earnings per share includes any dilutive effects of restricted stock and options to purchase common stock. See Note 16.
Comprehensive Income, Policy [Policy Text Block]
Comprehensive Income —  Comprehensive income includes net earnings and changes in accumulated other comprehensive loss. Comprehensive income is reported in the Consolidated Statements of Comprehensive Income. The components of accumulated other comprehensive loss as recorded on the accompanying Consolidated Balance Sheets were as follows:
 
 
 
 
2013
 
2012
  
 
(Dollars in thousands)
Foreign currency translation adjustments
 
$
(934)
 
 
$
681
 
Pension liability, net of tax
 
 
(8,488)
 
 
 
(13,195
Total accumulated other comprehensive loss
 
$
(9,422)
 
 
$
(12,514
The noncontrolling interest as recorded in the Consolidated Balance Sheets at December 31, 2013 and 2012 included foreign currency translation adjustments of approximately ($33,000) and $668,000, respectively.
The following presents a tabular disclosure about changes in accumulated other comprehensive loss during the year ended December 31, 2013:
 
 
 
 
 
Foreign Currency Translation Adjustments
 
Defined Benefit Pension Items
 
Total
Beginning Balance
 
$
681
 
 
$
(13,195
 
$
(12,514
Other comprehensive (loss) income before reclassifications
 
 
(1,615
 
 
3,669
 
 
 
2,054
 
Amounts reclassified from accumulated other comprehensive loss
 
 
 
 
 
1,038
 
 
 
1,038
 
Net current period other comprehensive (loss) income
 
 
(1,615
 
 
4,707
 
 
 
3,092
 
Ending Balance
 
$
(934
 
$
(8,488
 
$
(9,422
The following presents a tabular disclosure about reclassification adjustments out of accumulated other comprehensive loss during the years ended December 31, 2013 and 2012:
 
 
 
 
 
Amounts reclassified from other accumulated comprehensive loss
for the year ended December 31,
 
Affected line item in the statement where net income is presented
  
 
2013
 
2012
Amortization of defined benefit pension items
 
 
  
 
 
 
  
 
 
 
  
 
Prior service cost
 
 
(111)
 
 
 
(111
 
 
(1)
 
Actuarial losses
 
 
1,813
 
 
 
1,723
 
 
 
(1)
 
Total before tax
 
 
1,702
 
 
 
1,612
 
 
 
  
 
Tax benefit
 
 
(664)
 
 
 
(629
 
 
 
Net of tax
 
 
1,038
 
 
 
983
 
 
 
 
 
(1)
These amounts were included in the computation of net periodic pension cost. See Note 12 for additional details.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]
Stock-Based Compensation —  At December 31, 2013, the Company had three stock-based employee compensation plans, which are described more fully in Note 18. The Company accounts for these plans under the recognition and measurement principles of ASC 718, Compensation — Stock Compensation (“ASC 718”). The Company’s policy is to estimate the fair market value of each option award granted on the date of grant using the Black-Scholes option pricing model. The Company estimates the fair value of each restricted stock award based on the fair market value of the Company’s stock price on the grant date. The resulting compensation cost for both the options and restricted stock is amortized on a straight-line basis over the vesting period of the respective awards.
Concentration Risk, Credit Risk, Policy [Policy Text Block]
Concentration of Credit Risk — The Company had no individual customer accounts receivable balances outstanding at December 31, 2013 and 2012 that represented more than 10% of the Company’s gross accounts receivable balance. Additionally, there were no single customers with sales above 10% of the Company’s total sales in 2013, 2012 and 2011.
New Accounting Pronouncements, Policy [Policy Text Block]
Recent Accounting Pronouncements —  In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (“ASU 2013-02”). This guidance is the culmination of the FASB’s deliberation on reporting reclassification adjustments from accumulated other comprehensive income (AOCI). The amendments in ASU 2013-02 do not change the current requirements for reporting net earnings or other comprehensive income. However, the amendments require disclosure of amounts reclassified out of AOCI in its entirety, by component, on the face of the statement of operations or in the notes thereto. Amounts that are not required to be reclassified in their entirety to net earnings must be cross-referenced to other disclosures that provide additional detail. This standard was effective prospectively for annual and interim reporting periods beginning after December 15, 2012. The Company’s adoption of this standard did not have a significant impact on the Company’s consolidated financial statements.
Reclassification, Policy [Policy Text Block]
Reclassifications —  Certain immaterial items on the Consolidated Statements of Cash Flows were reclassified in the prior years’ financial statements to conform to the current year’s presentation. Such reclassifications had no effect on previously reported net earnings or equity.
v2.4.0.6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Dec. 31, 2013
Accounting Policies [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
The components of accumulated other comprehensive loss as recorded on the accompanying Consolidated Balance Sheets were as follows:
 
 
 
 
2013
 
2012
  
 
(Dollars in thousands)
Foreign currency translation adjustments
 
$
(934)
 
 
$
681
 
Pension liability, net of tax
 
 
(8,488)
 
 
 
(13,195
Total accumulated other comprehensive loss
 
$
(9,422)
 
 
$
(12,514
Changes In Accumulated Other Comprehensive Loss [Table Text Block]
The following presents a tabular disclosure about changes in accumulated other comprehensive loss during the year ended December 31, 2013:
 
 
 
 
 
Foreign Currency Translation Adjustments
 
Defined Benefit Pension Items
 
Total
Beginning Balance
 
$
681
 
 
$
(13,195
 
$
(12,514
Other comprehensive (loss) income before reclassifications
 
 
(1,615
 
 
3,669
 
 
 
2,054
 
Amounts reclassified from accumulated other comprehensive loss
 
 
 
 
 
1,038
 
 
 
1,038
 
Net current period other comprehensive (loss) income
 
 
(1,615
 
 
4,707
 
 
 
3,092
 
Ending Balance
 
$
(934
 
$
(8,488
 
$
(9,422
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]
The following presents a tabular disclosure about reclassification adjustments out of accumulated other comprehensive loss during the years ended December 31, 2013 and 2012:
 
 
 
 
 
Amounts reclassified from other accumulated comprehensive loss
for the year ended December 31,
 
Affected line item in the statement where net income is presented
  
 
2013
 
2012
Amortization of defined benefit pension items
 
 
  
 
 
 
  
 
 
 
  
 
Prior service cost
 
 
(111)
 
 
 
(111
 
 
(1)
 
Actuarial losses
 
 
1,813
 
 
 
1,723
 
 
 
(1)
 
Total before tax
 
 
1,702
 
 
 
1,612
 
 
 
  
 
Tax benefit
 
 
(664)
 
 
 
(629
 
 
 
Net of tax
 
 
1,038
 
 
 
983
 
 
 
 
 
(1)
These amounts were included in the computation of net periodic pension cost. See Note 12 for additional details.
v2.4.0.6
ACQUISITIONS (Tables)
12 Months Ended
Dec. 31, 2013
Business Combinations [Abstract]  
Schedule of Purchase Price Allocations [Table Text Block]
The Company’s final allocation of the purchase price was as follows (dollars in thousands):
 
 
Cash
 
$
317
 
Accounts receivable
 
 
3,839
 
Inventory
 
 
2,932
 
Prepaid expenses
 
 
15
 
Property, plant and equipment, net
 
 
7
 
Goodwill
 
 
11,112
 
Trademark
 
 
22,000
 
Other intangible assets
 
 
3,700
 
Accounts payable
 
 
(454
Accrued liabilities
 
 
(561
  
 
$
42,907
 
v2.4.0.6
INVESTMENTS (Tables)
12 Months Ended
Dec. 31, 2013
Investments [Abstract]  
Held-to-maturity Securities [Table Text Block]
Below is a summary of the amortized cost and estimated market values of the Company’s investment securities as of December 31, 2013 and 2012. The estimated market values provided are Level 2 valuations as defined by ASC 820.
 
 
 
 
 
 
2013
 
2012
  
 
Amortized Cost
 
Market Value
 
Amortized Cost
 
Market
Value
  
 
(Dollars in thousands)
Municipal bonds:
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
Current
 
$
5,196
 
 
$
5,264
 
 
$
8,004
 
 
$
8,117
 
Due from one through five years
 
 
17,636
 
 
 
18,527
 
 
 
25,384
 
 
 
26,620
 
Due from six through ten years
 
 
7,388
 
 
 
7,777
 
 
 
10,832
 
 
 
11,756
 
Total
 
$
30,220
 
 
$
31,568
 
 
$
44,220
 
 
$
46,493
 
Unrealized Gain (Loss) on Investments [Table Text Block]
The unrealized gains and losses on investment securities at December 31, 2013 and 2012 were:
 
 
 
 
 
 
2013
 
2012
  
 
Unrealized Gains
 
Unrealized Losses
 
Unrealized Gains
 
Unrealized Losses
  
 
(Dollars in thousands)
Municipal bonds
 
$
1,348
 
 
$
 
 
$
2,473
 
 
$
200
 
v2.4.0.6
INVENTORIES (Tables)
12 Months Ended
Dec. 31, 2013
Inventory Disclosure [Abstract]  
Schedule of Inventory, Current [Table Text Block]
At December 31, 2013 and 2012, inventories consisted of:
 
 
 
 
 
2013
 
2012
  
 
(Dollars in thousands)
Finished shoes
 
$
80,876
 
 
$
82,535
 
LIFO reserve
 
 
(17,680)
 
 
 
(17,169
Total inventories
 
$
63,196
 
 
$
65,366
 
v2.4.0.6
PROPERTY, PLANT AND EQUIPMENT, NET (Tables)
12 Months Ended
Dec. 31, 2013
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment [Table Text Block]
At December 31, 2013 and 2012, property, plant and equipment consisted of:
 
 
 
 
2013
 
2012
  
 
(Dollars in thousands)
Land and land improvements
 
$
3,607
 
 
$
3,587
 
Buildings and improvements
 
 
26,900
 
 
 
26,927
 
Machinery and equipment
 
 
24,502
 
 
 
22,456
 
Retail fixtures and leasehold improvements
 
 
11,825
 
 
 
11,994
 
Construction in progress
 
 
252
 
 
 
1,692
 
Property, plant and equipment
 
 
67,086
 
 
 
66,656
 
Less: Accumulated depreciation
 
 
(31,974)
 
 
 
(29,438
Property, plant and equipment, net
 
$
35,112
 
 
$
37,218
 
v2.4.0.6
INTANGIBLE ASSETS (Tables)
12 Months Ended
Dec. 31, 2013
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets and Goodwill [Table Text Block]
The Company’s indefinite-lived and amortizable intangible assets as recorded in the Consolidated Balance Sheets consisted of the following as of December 31, 2013:
 
 
 
 
 
 
Weighted Average Life (Years)
 
December 31, 2013
  
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net
  
 
  
 
(Dollars in thousands)
Indefinite-lived intangible assets:
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
Goodwill
 
 
  
 
 
$
11,112
 
 
$
 
 
$
11,112
 
Trademarks
 
 
 
 
 
34,748
 
 
 
 
 
 
34,748
 
Total indefinite-lived intangible assets
 
 
 
 
$
45,860
 
 
$
 
 
$
45,860
 
Amortizable intangible assets:
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
Non-compete agreement
 
 
5
 
 
$
200
 
 
$
(113
 
$
87
 
Customer relationships
 
 
15
 
 
 
3,500
 
 
 
(661
 
 
2,839
 
Total amortizable intangible assets
 
 
 
 
$
3,700
 
 
$
(774
 
$
2,926
 
The Company’s indefinite-lived and amortizable intangible assets as recorded in the Consolidated Balance Sheets consisted of the following as of December 31, 2012:
 
 
 
 
 
 
  
 
December 31, 2012
  
 
Weighted Average Life (Years)
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net
  
 
  
 
(Dollars in thousands)
Indefinite-lived intangible assets:
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
Goodwill
 
 
  
 
 
$
11,112
 
 
$
 
 
$
11,112
 
Trademarks
 
 
 
 
 
34,748
 
 
 
 
 
 
34,748
 
Total indefinite-lived intangible assets
 
 
 
 
$
45,860
 
 
$
 
 
$
45,860
 
Amortizable intangible assets:
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
Non-compete agreement
 
 
5
 
 
$
200
 
 
$
(73
 
$
127
 
Customer relationships
 
 
15
 
 
 
3,500
 
 
 
(428
 
 
3,072
 
Total amortizable intangible assets
 
 
 
 
$
3,700
 
 
$
(501
 
$
3,199
 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]
Excluding the impact of any future acquisitions, the Company anticipates future amortization expense to be as follows:
 
 
(Dollars in thousands)
 
Intangible Assets
2014
 
$
273
 
2015
 
 
273
 
2016
 
 
240
 
2017
 
 
233
 
2018
 
 
233
 
Thereafter
 
 
1,674
 
Total
 
$
2,926
 
v2.4.0.6
OTHER ASSETS (Tables)
12 Months Ended
Dec. 31, 2013
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Other Assets, Noncurrent [Table Text Block]
Other assets included the following amounts at December 31, 2013 and 2012:
 
 
 
 
2013
 
2012
  
 
(Dollars in thousands)
Cash surrender value of life insurance
 
 
13,440
 
 
 
12,745
 
Intangible assets (See Note 8)
 
 
2,926
 
 
 
3,199
 
Investment in real estate
 
 
3,112
 
 
 
 
Other
 
 
1,977
 
 
 
2,847
 
Total other assets
 
$
21,455
 
 
$
18,791
 
v2.4.0.6
CONTINGENT CONSIDERATION (Tables)
12 Months Ended
Dec. 31, 2013
Business Combinations [Abstract]  
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block]
The Company’s estimate of the fair value of the contingent payments as recorded in the Consolidated Balance Sheets was as follows:
 
 
 
 
December 31, 2013
 
December 31, 2012
  
 
(Dollars in thousands)
Current portion
 
$
 
 
$
1,270
 
Long-term portion
 
 
5,064
 
 
 
4,991
 
Total contingent consideration
 
$
5,064
 
 
$
6,261
 
Schedule Of Business Acquisitions By Acquisition Contingent Payments [Table Text Block]
The following table summarizes the activity during 2013 and 2012 related to the contingent payments as recorded in the Consolidated Statements of Earnings (dollars in thousands):
 
 
 
 
2013
 
2012
Beginning balance
 
$
6,261
 
 
$
9,693
 
Payment of contingent consideration
 
 
(1,270)
 
 
 
 
Net losses (gains) on remeasurement of contingent consideration
 
 
24
 
 
 
(3,522
Interest expense
 
 
49
 
 
 
90
 
Ending balance
 
$
5,064
 
 
$
6,261
 
v2.4.0.6
EMPLOYEE RETIREMENT PLANS (Tables)
12 Months Ended
Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract]  
Schedule of Weighted Average Plan Assets Allocation [Table Text Block]
The Company’s pension plan’s weighted average asset allocation at December 31, 2013 and 2012, by asset category, was as follows:
 
 
 
 
Plan Assets at December 31,
  
 
2013
 
2012
Asset Category:
 
 
  
 
 
 
  
 
Equity Securities
 
 
56%
 
 
 
52
Fixed Income Securities
 
 
35%
 
 
 
40
Other
 
 
9%
 
 
 
8
Total
 
 
100%
 
 
 
100
Schedule of Assumptions Used to Determine, Net Funded Status of Plan [Table Text Block]
Assumptions used in determining the funded status at December 31, 2013 and 2012 were:
 
 
 
 
2013
 
2012
Discount rate
 
 
5.03%
 
 
 
4.23
Rate of compensation increase
 
 
4.50%
 
 
 
4.50
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block]
The following is a reconciliation of the change in benefit obligation and plan assets of both the defined benefit pension plan and the unfunded supplemental pension plan for the years ended December 31, 2013 and 2012:
 
 
 
 
 
 
Defined Benefit
Pension Plan
 
Supplemental
Pension Plan
  
 
2013
 
2012
 
2013
 
2012
  
 
(Dollars in thousands)
Change in projected benefit obligation
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
Projected benefit obligation, beginning of year
 
$
43,452
 
 
$
39,523
 
 
$
12,270
 
 
$
13,870
 
Service cost
 
 
1,406
 
 
 
1,236
 
 
 
320
 
 
 
236
 
Interest cost
 
 
1,832
 
 
 
1,800
 
 
 
570
 
 
 
516
 
Plan amendments
 
 
 
 
 
 
 
 
 
 
 
(1,415
Actuarial (gain) loss
 
 
(3,466)
 
 
 
2,532
 
 
 
(468)
 
 
 
(576
Benefits paid
 
 
(1,754)
 
 
 
(1,639
 
 
(355)
 
 
 
(361
Projected benefit obligation, end
of year
 
$
41,470
 
 
$
43,452
 
 
$
12,337
 
 
$
12,270
 
Change in plan assets
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
Fair value of plan assets, beginning of year
 
 
27,819
 
 
 
26,655
 
 
 
 
 
 
 
Actual return on plan assets
 
 
4,316
 
 
 
2,932
 
 
 
 
 
 
 
Administrative expenses
 
 
(141)
 
 
 
(129
 
 
 
 
 
 
Contributions
 
 
1,282
 
 
 
 
 
 
355
 
 
 
361
 
Benefits paid
 
 
(1,754)
 
 
 
(1,639
 
 
(355)
 
 
 
(361
Fair value of plan assets, end of year
 
$
31,522
 
 
$
27,819
 
 
$
 
 
$
 
Funded status of plan
 
$
(9,948)
 
 
$
(15,633
 
$
(12,337)
 
 
$
(12,270
Amounts recognized in the consolidated balance sheets consist of:
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
Accrued liabilities – other
 
$
 
 
$
 
 
$
(384)
 
 
$
(373
Long-term pension liability
 
 
(9,948)
 
 
 
(15,633
 
 
(11,953)
 
 
 
(11,897
Net amount recognized
 
$
(9,948)
 
 
$
(15,633
 
$
(12,337)
 
 
$
(12,270
Amounts recognized in accumulated other comprehensive loss consist of:
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
Accumulated loss, net of income tax benefit of $4,054, $6,735, $1,729 and $2,102, respectively
 
$
6,341
 
 
$
10,534
 
 
$
2,705
 
 
$
3,288
 
Prior service cost (credit), net of income tax benefit (liability) of $1, $1, ($358) and ($402), respectively
 
 
1
 
 
 
1
 
 
 
(559)
 
 
 
(628
Net amount recognized
 
$
6,342
 
 
$
10,535
 
 
$
2,146
 
 
$
2,660
 
Schedule of Assumptions Used [Table Text Block]
Assumptions used in determining net periodic pension cost for the years ended December 31, 2013, 2012 and 2011 were:
 
 
 
 
 
2013
 
2012
 
2011
Discount rate
 
 
4.23%
 
 
 
4.60
 
 
5.40
Rate of compensation increase
 
 
4.50%
 
 
 
4.50
 
 
4.50
Long-term rate of return on plan assets
 
 
7.75%
 
 
 
7.75
 
 
8.00
Schedule of Net Benefit Costs [Table Text Block]
The components of net periodic pension cost for the years ended December 31, 2013, 2012 and 2011, were:
 
 
 
 
 
2013
 
2012
 
2011
  
 
(Dollars in thousands)
Benefits earned during the period
 
$
1,726
 
 
$
1,472
 
 
$
1,212
 
Interest cost on projected benefit obligation
 
 
2,403
 
 
 
2,317
 
 
 
2,373
 
Expected return on plan assets
 
 
(2,094)
 
 
 
(1,994
 
 
(2,021
Net amortization and deferral
 
 
1,702
 
 
 
1,612
 
 
 
1,272
 
Net pension expense
 
$
3,737
 
 
$
3,407
 
 
$
2,836
 
Schedule of Expected Benefit Payments [Table Text Block]
Projected benefit payments for the plans as of December 31, 2013 were estimated as follows:
 
 
 
 
Defined Benefit Pension Plan
 
Supplemental Pension
Plan
  
 
(Dollars in thousands)
2014
 
$
1,927
 
 
$
384
 
2015
 
$
1,993
 
 
$
394
 
2016
 
$
2,098
 
 
$
421
 
2017
 
$
2,174
 
 
$
430
 
2018
 
$
2,277
 
 
$
454
 
2019 – 2023
 
$
12,855
 
 
$
2,941
 
Schedule of Allocation of Plan Assets [Table Text Block]
The following table summarizes the fair value of the Company’s pension plan assets as of December 31, 2013 by asset category within the fair value hierarchy (for further level information, see Note 4):
 
 
 
 
 
 
December 31, 2013
  
 
Quoted Prices in
Active
Markets
 
Significant
Observable
Inputs
 
Significant
Unobservable
Inputs
 
  
 
Level 1
 
Level 2
 
Level 3
 
Total
  
 
(Dollars in thousands)
Common stocks
 
$
13,339
 
 
$
1,470
 
 
$
 
 
$
14,809
 
Preferred stocks
 
 
786
 
 
 
 
 
 
 
 
 
786
 
Exchange traded funds
 
 
2,761
 
 
 
 
 
 
 
 
 
2,761
 
Corporate obligations
 
 
 
 
 
4,636
 
 
 
 
 
 
4,636
 
State and municipal obligations
 
 
 
 
 
538
 
 
 
 
 
 
538
 
Pooled fixed income funds
 
 
4,150
 
 
 
 
 
 
 
 
 
4,150
 
U.S. government securities
 
 
 
 
 
838
 
 
 
 
 
 
838
 
Cash and cash equivalents
 
 
2,927
 
 
 
 
 
 
 
 
 
2,927
 
Subtotal
 
 
23,963
 
 
 
7,482
 
 
 
 
 
 
31,445
 
Other assets(1)
 
 
 
 
 
 
 
 
 
 
 
77
 
Total
 
 
 
 
 
 
 
 
 
 
$
31,522
 
 
(1)
This category represents trust receivables that are not leveled.
The following table summarizes the fair value of the Company’s pension plan assets as of December 31, 2012 by asset category within the fair value hierarchy (for further level information, see Note 4):
 
 
 
 
 
 
December 31, 2012
  
 
Quoted Prices in Active Markets
 
Significant Observable Inputs
 
Significant Unobservable Inputs
  
 
Level 1
 
Level 2
 
Level 3
 
Total
  
 
(Dollars in thousands)
Common stocks
 
$
10,169
 
 
$
1,118
 
 
$
 
 
$
11,287
 
Preferred stocks
 
 
1,038
 
 
 
 
 
 
 
 
 
1,038
 
Exchange traded funds
 
 
3,194
 
 
 
 
 
 
 
 
 
3,194
 
Corporate obligations
 
 
 
 
 
4,573
 
 
 
 
 
 
4,573
 
State and municipal obligations
 
 
 
 
 
574
 
 
 
 
 
 
574
 
Foreign obligations
 
 
 
 
 
16
 
 
 
 
 
 
16
 
Pooled fixed income funds
 
 
3,212
 
 
 
 
 
 
 
 
 
3,212
 
U.S. government securities
 
 
 
 
 
1,584
 
 
 
 
 
 
1,584
 
Cash and cash equivalents
 
 
2,264
 
 
 
 
 
 
 
 
 
2,264
 
Subtotal
 
 
19,877
 
 
 
7,865
 
 
 
 
 
 
27,742
 
Other assets(1)
 
 
 
 
 
 
 
 
 
 
 
77
 
Total
 
 
 
 
 
 
 
 
 
 
$
27,819
 
 
(1)
This category represents trust receivables that are not leveled.
v2.4.0.6
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2013
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
The provision for income taxes included the following components at December 31, 2013, 2012 and 2011:
 
 
 
 
 
2013
 
2012
 
2011
  
 
(Dollars in thousands)
Current:
 
 
  
 
 
 
  
 
 
 
  
 
Federal
 
$
6,449
 
 
$
6,985
 
 
$
5,483
 
State
 
 
940
 
 
 
928
 
 
 
951
 
Foreign
 
 
1,273
 
 
 
972
 
 
 
2,490
 
Total
 
 
8,662
 
 
 
8,885
 
 
 
8,924
 
Deferred
 
 
1,268
 
 
 
1,648
 
 
 
(343
Total provision
 
$
9,930
 
 
$
10,533
 
 
$
8,581
 
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
The differences between the U.S. federal statutory income tax rate and the Company’s effective tax rate were as follows for the years ended December 31, 2013, 2012 and 2011:
 
 
 
 
 
2013
 
2012
 
2011
U.S. federal statutory income tax rate
 
 
35.0%
 
 
 
35.0
 
 
35.0
State income taxes, net of federal tax benefit
 
 
2.6
 
 
 
2.3
 
 
 
2.5
 
Non-taxable municipal bond interest
 
 
(1.7)
 
 
 
(1.9
 
 
(2.7
Foreign income tax rate differences
 
 
(0.9)
 
 
 
(2.2
 
 
(1.5
Other
 
 
0.2
 
 
 
0.9
 
 
 
1.0
 
Effective tax rate
 
 
35.2%
 
 
 
34.1
 
 
34.3
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
The components of deferred taxes as of December 31, 2013 and 2012 were as follows:
 
 
 
 
2013
 
2012
  
 
(Dollars in thousands)
Deferred tax benefits:
 
 
  
 
 
 
  
 
Accounts receivable reserves
 
$
440
 
 
$
421
 
Pension liability
 
 
8,691
 
 
 
10,882
 
Accrued liabilities
 
 
2,164
 
 
 
1,934
 
  
 
 
11,295
 
 
 
13,237
 
Deferred tax liabilities:
 
 
  
 
 
 
  
 
Inventory and related reserves
 
 
(2,601)
 
 
 
(1,316
Cash value of life insurance
 
 
(3,240)
 
 
 
(3,029
Property, plant and equipment
 
 
(1,757)
 
 
 
(1,713
Intangible assets
 
 
(5,948)
 
 
 
(5,051
Prepaid and other assets
 
 
(264)
 
 
 
(268
Foreign currency gains on intercompany loans
 
 
(327)
 
 
 
(419
  
 
 
(14,137)
 
 
 
(11,796
Net deferred income tax benefits
 
$
(2,842)
 
 
$
1,441
 
Schedule Of Deferred Tax Benefit [Table Text Block]
The net deferred tax (liabilities) benefits are classified in the Consolidated Balance Sheets as follows:
 
 
 
 
2013
 
2012
  
 
(Dollars in thousands)
Current deferred income tax (liabilities) benefits
 
$
(849)
 
 
$
649
 
Noncurrent deferred income tax (liabilities) benefits
 
 
(1,993)
 
 
 
792
 
  
 
$
(2,842)
 
 
$
1,441
 
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]
The following table summarizes the activity related to the Company’s unrecognized tax benefits:
 
 
(Dollars in thousands)
 
Balance at December 31, 2010
 
$
84
 
Expiration of the statute of limitations for the assessment of taxes
 
 
(84
Balance at December 31, 2011
 
$
 
Increases related to current year tax positions
 
 
124
 
Balance at December 31, 2012
 
$
124
 
Increases related to current year tax positions
 
 
 
Balance at December 31, 2013
 
$
124
 
v2.4.0.6
COMMITMENTS (Tables)
12 Months Ended
Dec. 31, 2013
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]
Future fixed and minimum rental commitments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2013, are shown below. Renewal options exist for many long-term leases.
 
 
(Dollars in thousands)
 
Operating Leases
2014
 
$
8,573
 
2015
 
 
6,280
 
2016
 
 
4,942
 
2017
 
 
3,810
 
2018
 
 
3,222
 
Thereafter
 
 
9,428
 
Total
 
$
36,255
 
v2.4.0.6
EARNINGS PER SHARE (Tables)
12 Months Ended
Dec. 31, 2013
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
The following table sets forth the computations of basic and diluted earnings per share for the years ended December 31, 2013, 2012 and 2011:
 
 
 
 
 
2013
 
2012
 
2011
  
 
(In thousands, except per share amounts)
Numerator:
 
 
  
 
 
 
  
 
 
 
  
 
Net earnings attributable to Weyco Group, Inc.
 
$
17,601
 
 
$
18,957
 
 
$
15,251
 
Denominator:
 
 
  
 
 
 
  
 
 
 
  
 
Basic weighted average shares outstanding
 
 
10,779
 
 
 
10,844
 
 
 
11,066
 
Effect of dilutive securities:
 
 
  
 
 
 
  
 
 
 
  
 
Employee stock-based awards
 
 
86
 
 
 
106
 
 
 
93
 
Diluted weighted average shares outstanding
 
 
10,865
 
 
 
10,950
 
 
 
11,159
 
Basic earnings per share
 
$
1.63
 
 
$
1.75
 
 
$
1.38
 
Diluted earnings per share
 
$
1.62
 
 
$
1.73
 
 
$
1.37
 
v2.4.0.6
SEGMENT INFORMATION (Tables)
12 Months Ended
Dec. 31, 2013
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
The accounting policies of the segments are the same as those described in the Summary of Significant Accounting Policies. Summarized segment data for the years ended December 31, 2013, 2012 and 2011 was as follows:
 
 
 
 
 
 
Wholesale
 
Retail
 
Other
 
Total
  
 
(Dollars in thousands)
2013
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
Product sales
 
$
222,459
 
 
$
23,255
 
 
$
51,372
 
 
$
297,086
 
Licensing revenues
 
 
3,198
 
 
 
 
 
 
 
 
 
3,198
 
Net sales
 
 
225,657
 
 
 
23,255
 
 
 
51,372
 
 
 
300,284
 
Depreciation
 
 
2,481
 
 
 
538
 
 
 
943
 
 
 
3,962
 
Earnings from operations
 
 
20,742
 
 
 
3,018
 
 
 
3,995
 
 
 
27,755
 
Total assets
 
 
230,509
 
 
 
7,412
 
 
 
29,612
 
 
 
267,533
 
Capital expenditures
 
 
790
 
 
 
34
 
 
 
1,875
 
 
 
2,699
 
2012
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
Product sales
 
$
214,568
 
 
$
24,348
 
 
$
51,215
 
 
$
290,131
 
Licensing revenues
 
 
3,340
 
 
 
 
 
 
 
 
 
3,340
 
Net sales
 
 
217,908
 
 
 
24,348
 
 
 
51,215
 
 
 
293,471
 
Depreciation
 
 
2,083
 
 
 
544
 
 
 
711
 
 
 
3,338
 
Earnings from operations
 
 
22,214
 
 
 
1,662
 
 
 
5,921
 
 
 
29,797
 
Total assets
 
 
246,523
 
 
 
7,994
 
 
 
30,804
 
 
 
285,321
 
Capital expenditures
 
 
7,235
 
 
 
844
 
 
 
1,461
 
 
 
9,540
 
2011
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
Product sales
 
$
195,638
 
 
$
24,740
 
 
$
47,273
 
 
$
267,651
 
Licensing revenues
 
 
3,449
 
 
 
 
 
 
 
 
 
3,449
 
Net sales
 
 
199,087
 
 
 
24,740
 
 
 
47,273
 
 
 
271,100
 
Depreciation
 
 
1,677
 
 
 
565
 
 
 
349
 
 
 
2,591
 
Earnings from operations
 
 
15,673
 
 
 
1,554
 
 
 
5,970
 
 
 
23,197
 
Total assets
 
 
237,279
 
 
 
7,374
 
 
 
28,855
 
 
 
273,508
 
Capital expenditures
 
 
6,562
 
 
 
249
 
 
 
1,364
 
 
 
8,175
 
Schedule Of Entity Wide Disclosure On Geographic Areas Net Sales And Long Lived Assets In Individual Foreign Countries By Country [Table Text Block]
Financial information relating to the Company’s business by geographic area was as follows for the years ended December 31, 2013, 2012 and 2011:
 
 
 
 
 
2013
 
2012
 
2011
  
 
(Dollars in thousands)
Net Sales:
 
 
  
 
 
 
  
 
 
 
  
 
United States
 
$
231,729
 
 
$
225,397
 
 
$
212,779
 
Canada
 
 
17,183
 
 
 
16,859
 
 
 
11,049
 
Europe
 
 
8,117
 
 
 
7,230
 
 
 
8,014
 
Australia
 
 
29,318
 
 
 
29,465
 
 
 
25,049
 
Asia
 
 
9,484
 
 
 
8,956
 
 
 
8,277
 
South Africa
 
 
4,453
 
 
 
5,564
 
 
 
5,932
 
Total
 
$
300,284
 
 
$
293,471
 
 
$
271,100
 
Long-Lived Assets:
 
 
  
 
 
 
  
 
 
 
  
 
United States
 
$
77,755
 
 
$
80,268
 
 
$
75,293
 
Other
 
 
9,255
 
 
 
6,009
 
 
 
5,116
 
  
 
$
87,010
 
 
$
86,277
 
 
$
80,409
 
v2.4.0.6
STOCK-BASED COMPENSATION PLANS (Tables)
12 Months Ended
Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
The following weighted-average assumptions were used to determine compensation expense related to stock options in 2013, 2012 and 2011:
 
 
 
 
 
2013
 
2012
 
2011
Risk-free interest rate
 
 
1.10%
 
 
 
0.51
 
 
0.66
Expected dividend yield
 
 
2.53%
 
 
 
2.89
 
 
2.65
Expected term
 
 
4.3 years
 
 
 
4.3 years
 
 
 
4.3 years
 
Expected volatility
 
 
16.2%
 
 
 
26.4
 
 
29.6
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
The following tables summarize stock option activity under the Company’s plans:

Stock Options

 
 
 
 
 
 
 
 
Years ended December 31,
  
 
2013
 
2012
 
2011
Stock Options
 
Shares
 
Weighted Average Exercise Price
 
Shares
 
Weighted Average Exercise Price
 
Shares
 
Weighted Average Exercise Price
Outstanding at beginning of year
 
 
1,265,792
 
 
$
22.76
 
 
 
1,307,488
 
 
$
21.76
 
 
 
1,269,426
 
 
$
20.25
 
Granted
 
 
333,300
 
 
 
28.50
 
 
 
253,400
 
 
 
23.53
 
 
 
235,700
 
 
 
24.21
 
Exercised
 
 
(219,526)
 
 
 
17.91
 
 
 
(174,646
 
 
13.17
 
 
 
(122,463
 
 
8.95
 
Forfeited or expired
 
 
(118,700)
 
 
 
30.30
 
 
 
(120,450
 
 
27.37
 
 
 
(75,175
 
 
24.93
 
Outstanding at end of year
 
 
1,260,866
 
 
$
24.41
 
 
 
1,265,792
 
 
$
22.76
 
 
 
1,307,488
 
 
$
21.76
 
Exercisable at end of year
 
 
581,081
 
 
$
22.39
 
 
 
706,863
 
 
$
21.89
 
 
 
821,510
 
 
$
20.16
 
Weighted average fair market value of options granted
 
$
2.77
 
 
 
 
 
$
3.68
 
 
 
 
 
$
4.51
 
 
 
 
 
 
 
 
Weighted Average Remaining Contractual Life
(in Years)
 
Aggregate
Intrinsic Value
Outstanding – December 31, 2013
 
 
3.7
 
 
$
6,330,000
 
Exercisable – December 31, 2013
 
 
2.2
 
 
$
4,092,000
 
Schedule of Nonvested Share Activity [Table Text Block]
The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the market value of the Company’s stock on December 31, 2013 of $29.43 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options.

Non-vested Stock Options

 
 
 
 
Non-vested Stock Options
 
Number of Options
 
Weighted Average Exercise Price
 
Weighted Average
Fair Value
Non-vested – December 31, 2010
 
 
421,226
 
 
$
25.16
 
 
$
4.94
 
Granted
 
 
235,700
 
 
 
24.21
 
 
 
4.51
 
Vested
 
 
(145,298
 
 
25.86
 
 
 
5.05
 
Forfeited
 
 
(25,650
 
 
25.62
 
 
 
4.91
 
Non-vested – December 31, 2011
 
 
485,978
 
 
$
24.46
 
 
$
4.70
 
Granted
 
 
253,400
 
 
 
23.53
 
 
 
3.68
 
Vested
 
 
(173,824
 
 
25.05
 
 
 
4.73
 
Forfeited
 
 
(6,625
 
 
24.26
 
 
 
4.60
 
Non-vested – December 31, 2012
 
 
558,929
 
 
$
23.86
 
 
$
4.23
 
Granted
 
 
333,300
 
 
 
28.50
 
 
 
2.77
 
Vested
 
 
(207,044
 
 
23.83
 
 
 
4.42
 
Forfeited
 
 
(5,400
 
 
23.95
 
 
 
4.28
 
Non-vested – December 31, 2013
 
 
679,785
 
 
$
26.14
 
 
$
3.46
 
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]
The following table summarizes information about outstanding and exercisable stock options at December 31, 2013:
 
 
 
 
 
 
 
Options Outstanding
 
Options Exercisable
Range of Exercise Prices
 
Number of Options Outstanding
 
Weighted Average Remaining Contractual Life
(in Years)
 
Weighted Average Exercise Price
 
Number of Options Exercisable
 
Weighted Average Exercise
Price
$15.46 to $18.03
 
 
135,966
 
 
 
1.20
 
 
$
17.71
 
 
 
135,966
 
 
$
17.71
 
$23.09 to $23.53
 
 
400,775
 
 
 
3.41
 
 
 
23.36
 
 
 
212,068
 
 
 
23.22
 
$24.21 to $28.50
 
 
724,125
 
 
 
4.37
 
 
 
26.25
 
 
 
233,047
 
 
 
24.36
 
  
 
 
1,260,866
 
 
 
3.72
 
 
$
24.41
 
 
 
581,081
 
 
$
22.39
 
Schedule of Cash Proceeds Received from Share-based Payment Awards [Table Text Block]
The following table summarizes stock option activity for the years ended December 31:
 
 
 
 
 
2013
 
2012
 
2011
  
 
(Dollars in thousands)
Total intrinsic value of stock options exercised
 
$
1,506
 
 
$
1,704
 
 
$
1,299
 
Cash received from stock option exercises
 
$
3,932
 
 
$
2,300
 
 
$
1,096
 
Income tax benefit from the exercise of stock options
 
$
588
 
 
$
664
 
 
$
507
 
Total fair value of stock options vested
 
$
915
 
 
$
821
 
 
$
733
 
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]
The following table summarizes restricted stock award activity during the years ended December 31, 2011, 2012 and 2013:
 
 
 
Non-vested Restricted Stock
 
Shares of Restricted Stock
 
Weighted Average
Grant Date
Fair Value
Non-vested – December 31, 2010
 
 
35,448
 
 
$
24.79
 
Issued
 
 
19,300
 
 
 
24.21
 
Vested
 
 
(16,748
 
 
25.91
 
Forfeited
 
 
 
 
 
 
Non-vested – December 31, 2011
 
 
38,000
 
 
$
24.47
 
Issued
 
 
19,600
 
 
 
23.53
 
Vested
 
 
(15,025
 
 
24.97
 
Forfeited
 
 
 
 
 
 
Non-vested – December 31, 2012
 
 
42,575
 
 
 
23.87
 
Issued
 
 
20,400
 
 
 
28.50
 
Vested
 
 
(15,475
 
 
23.85
 
Forfeited
 
 
 
 
 
 
Non-vested – December 31, 2013
 
 
47,500
 
 
$
25.86
 
v2.4.0.6
QUARTERLY FINANCIAL DATA (Unaudited) (Tables)
12 Months Ended
Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]  
Schedule of Quarterly Financial Information [Table Text Block]
(In thousands, except per share amounts)
 
 
 
 
 
 
2013
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
Year
Net sales
 
$
73,590
 
 
$
65,041
 
 
$
83,108
 
 
$
78,545
 
 
$
300,284
 
Gross earnings
 
$
27,699
 
 
$
24,698
 
 
$
31,579
 
 
$
33,337
 
 
$
117,313
 
Net earnings attributable to Weyco Group, Inc.
 
$
3,200
 
 
$
2,205
 
 
$
5,392
 
 
$
6,804
 
 
$
17,601
 
Net earnings per share:
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
Basic
 
$
0.30
 
 
$
0.20
 
 
$
0.50
 
 
$
0.63
 
 
$
1.63
 
Diluted
 
$
0.30
 
 
$
0.20
 
 
$
0.50
 
 
$
0.62
 
 
$
1.62
 
 
 
 
 
 
 
2012
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
Year
Net sales
 
$
75,314
 
 
$
60,333
 
 
$
79,473
 
 
$
78,351
 
 
$
293,471
 
Gross earnings
 
$
28,031
 
 
$
22,878
 
 
$
30,446
 
 
$
33,532
 
 
$
114,887
 
Net earnings attributable to Weyco Group, Inc.
 
$
3,869
 
 
$
2,219
 
 
$
5,192
 
 
$
7,677
 
 
$
18,957
 
Net earnings per share:
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
Basic
 
$
0.36
 
 
$
0.20
 
 
$
0.48
 
 
$
0.71
 
 
$
1.75
 
Diluted
 
$
0.35
 
 
$
0.20
 
 
$
0.48
 
 
$
0.71
 
 
$
1.73
 
v2.4.0.6
VALUATION AND QUALIFYING ACCOUNTS (Tables)
12 Months Ended
Dec. 31, 2013
Valuation and Qualifying Accounts [Abstract]  
Schedule of Valuation and Qualifying Accounts Disclosure [Table Text Block]
 
Deducted from Assets
  
 
Doubtful Accounts
 
Returns and Allowances
 
Total
  
 
(Dollars in thousands)
BALANCE, DECEMBER 31, 2010
 
$
1,109
 
 
$
1,177
 
 
$
2,286
 
Add – Additions charged to earnings
 
 
316
 
 
 
2,496
 
 
 
2,812
 
Add – Acquisitions and other adjustments
 
 
316
 
 
 
 
 
 
316
 
Deduct – Charges for purposes for which reserves were established
 
 
(326
 
 
(2,729
 
 
(3,055
BALANCE, DECEMBER 31, 2011
 
$
1,415
 
 
$
944
 
 
$
2,359
 
Add – Additions charged to earnings
 
 
175
 
 
 
2,954
 
 
 
3,129
 
Deduct – Charges for purposes for which reserves were established
 
 
(319
 
 
(2,750
 
 
(3,069
BALANCE, DECEMBER 31, 2012
 
$
1,271
 
 
$
1,148
 
 
$
2,419
 
Add – Additions charged to earnings
 
 
132
 
 
 
2,974
 
 
 
3,106
 
Deduct – Charges for purposes for which reserves were established
 
 
(170
 
 
(3,062
 
 
(3,232
BALANCE, DECEMBER 31, 2013
 
$
1,233
 
 
$
1,060
 
 
$
2,293
 
v2.4.0.6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
Accounting Policies [Line Items]    
Foreign currency translation adjustments $ (934) $ 681
Pension liability, net of tax (8,488) (13,195)
Total accumulated other comprehensive loss $ (9,422) $ (12,514)
v2.4.0.6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Beginning Balance, Foreign Currency Translation Adjustments $ 681    
Other comprehensive (loss) income before reclassifications, Foreign Currency Translation Adjustments (1,615)    
Amounts reclassified from accumulated other comprehensive loss, Foreign Currency Translation Adjustments 0    
Net current period other comprehensive (loss) income, Foreign Currency Translation Adjustments (1,615)    
Ending Balance, Foreign Currency Translation Adjustments (934) 681  
Beginning Balance, Defined Benefit Pension Items (13,195)    
Other comprehensive (loss) income before reclassifications, Defined Benefit Pension Items 3,669    
Amounts reclassified from accumulated other comprehensive loss, Defined Benefit Pension Items 1,038 983  
Net current period other comprehensive (loss) income, Defined Benefit Pension Items (4,707) (1,147) 4,095
Ending Balance, Defined Benefit Pension Items (8,488) (13,195)  
Beginning Balance (12,514)    
Other comprehensive (loss) income before reclassifications 2,054    
Amounts reclassified from accumulated other comprehensive loss 1,038    
Net current period other comprehensive (loss) income 2,251 1,368 (4,904)
Ending Balance $ (9,422) $ (12,514)  
v2.4.0.6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Defined Benefit Plan Disclosure [Line Items]    
Amortization of defined benefit pension items Prior service cost $ (111) [1] $ (111) [1]
Amortization of defined benefit pension items Actuarial losses 1,813 [1] 1,723 [1]
Amortization of defined benefit pension items Total before tax 1,702 1,612
Amortization of defined benefit pension items Tax benefit (664) (629)
Amortization of defined benefit pension items Net of tax $ 1,038 $ 983
[1] These amounts were included in the computation of net periodic pension cost. See Note 12 for additional details.
v2.4.0.6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual)
12 Months Ended 12 Months Ended
Dec. 31, 2013
USD ($)
Dec. 31, 2012
USD ($)
Dec. 31, 2011
USD ($)
Dec. 31, 2013
Florsheim Australia [Member]
USD ($)
Dec. 31, 2013
Florsheim Australia [Member]
AUD
Dec. 31, 2013
Accounts Receivable [Member]
Dec. 31, 2013
Sales Revenue, Goods, Net [Member]
Dec. 31, 2013
Building and Building Improvements [Member]
Minimum [Member]
Dec. 31, 2013
Building and Building Improvements [Member]
Maximum [Member]
Dec. 31, 2013
Machinery and Equipment [Member]
Minimum [Member]
Dec. 31, 2013
Machinery and Equipment [Member]
Maximum [Member]
Dec. 31, 2013
Furniture and Fixtures [Member]
Minimum [Member]
Dec. 31, 2013
Furniture and Fixtures [Member]
Maximum [Member]
Accounting Policies [Line Items]                          
Property, Plant and Equipment, Estimated Useful Lives               10 Years 39 Years 3 Years 5 Years 5 Years 7 Years
Asset Impairment Charges, Total $ 0 $ 93,000 $ 165,000                    
Royalty Revenue, Total 3,200,000 3,300,000 3,400,000                    
Shipping, Handling and Transportation Costs, Total 2,700,000 2,300,000 2,200,000                    
Selling Expense 10,800,000 10,000,000 8,600,000                    
Advertising Expense 11,400,000 10,500,000 8,700,000                    
Cooperative Advertising Expense 4,300,000 4,000,000 3,300,000                    
Foreign Currency Transaction Gain (Loss), before Tax 279,000 138,000 197,000                    
Concentration Risk, Percentage 10.00% 10.00%                      
Concentration Risk, Customer           The Company had no individual customer accounts receivable balances outstanding at December 31, 2013 and 2012 that represented more than 10% of the Companys gross accounts receivable balance. Additionally, there were no single customers with sales above 10% of the Companys total sales in 2013, 2012 and 2011.            
Foreign Currency Translation Adjustment Minority Interest (33,000) 668,000                      
Noncontrolling Interest, Description the Companys equity interest in Florsheim Australia decreases from 60% to 51% of equity issued under the subscription agreement as intercompany loans are paid in accordance with their terms. To date, the Companys equity interest in Florsheim Australia has decreased from 60% to 55% and the noncontrolling shareholders interest has increased from 40% to 45%.                        
Derivative Liability, Fair Value, Amount Not Offset Against Collateral, Total       $ 6,300,000 6,800,000                
v2.4.0.6
ACQUISITIONS (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2013
Business Acquisition [Line Items]  
Cash $ 317
Accounts receivable 3,839
Inventory 2,932
Prepaid expenses 15
Property, plant and equipment, net 7
Goodwill 11,112
Trademark 22,000
Other intangible assets 3,700
Accounts payable (454)
Accrued liabilities (561)
Total allocation of the purchase price 42,907
Accounts receivable, reserves $ 316
v2.4.0.6
ACQUISITIONS (Details Textual) (USD $)
1 Months Ended 12 Months Ended
Mar. 02, 2011
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Business Acquisition [Line Items]        
Business Combination, Contingent Consideration, Liability   $ 5,064,000 $ 6,261,000 $ 9,693,000
Payment Of Contingent Consideration   1,270,000 0 0
Bogs [Member]
       
Business Acquisition [Line Items]        
Business Acquisition, Percentage of Voting Interests Acquired 100.00%      
Business Combination, Consideration Transferred, Total 29,300,000      
Business Combination, Indemnification Assets, Amount as of Acquisition Date 2,000,000      
Business Combination, Contingent Consideration, Liability 9,800,000      
Business Acquisition Revenue Reported By Acquired Entity Since Acquisition   39,700,000 36,400,000 28,000,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt 3,800,000      
Payment Of Contingent Consideration   1,270,000    
Bogs [Member] | Retail and Other Operating Segments [Member]
       
Business Acquisition [Line Items]        
Business Acquisition Revenue Reported By Acquired Entity Since Acquisition   $ 2,400,000 $ 1,400,000  
v2.4.0.6
INVESTMENTS (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
Schedule of Held-to-maturity Securities [Line Items]    
Amortized Cost $ 30,220 $ 44,220
Market Value 31,568 46,493
Municipal Bonds, Current [Member]
   
Schedule of Held-to-maturity Securities [Line Items]    
Amortized Cost 5,196 8,004
Market Value 5,264 8,117
Municipal Bonds, Due from One Through Five Years [Member]
   
Schedule of Held-to-maturity Securities [Line Items]    
Amortized Cost 17,636 25,384
Market Value 18,527 26,620
Municipal Bonds, Due from Six Through Ten Years [Member]
   
Schedule of Held-to-maturity Securities [Line Items]    
Amortized Cost 7,388 10,832
Market Value $ 7,777 $ 11,756
v2.4.0.6
INVESTMENTS (Details 1) (Municipal Bonds [Member], USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Municipal Bonds [Member]
   
Net Investment Income [Line Items]    
Unrealized Gains $ 1,348 $ 2,473
Unrealized Losses $ 0 $ 200
v2.4.0.6
INVESTMENTS (Details Textual) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Net Investment Income [Line Items]      
Other than Temporary Impairment Losses, Investments $ 200 $ 0 $ 0
v2.4.0.6
INVENTORIES (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
Inventory [Line Items]    
Finished shoes $ 80,876 $ 82,535
LIFO reserve (17,680) (17,169)
Total inventories $ 63,196 $ 65,366
v2.4.0.6
INVENTORIES (Details Textual) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Inventory [Line Items]      
Other Inventory, in Transit, Gross $ 22,500,000 $ 14,300,000  
Percentage of LIFO Inventory 89.00% 89.00%  
Percentage of FIFO Inventory 11.00% 11.00%  
Decrease In Cost Of Goods Sold $ 64,000 $ 104,000 $ 250,000
v2.4.0.6
PROPERTY, PLANT AND EQUIPMENT, NET (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
Property, Plant and Equipment [Line Items]    
Land and land improvements $ 3,607 $ 3,587
Buildings and improvements 26,900 26,927
Machinery and equipment 24,502 22,456
Retail fixtures and leasehold improvements 11,825 11,994
Construction in progress 252 1,692
Property, plant and equipment 67,086 66,656
Less: Accumulated depreciation (31,974) (29,438)
Property, plant and equipment, net $ 35,112 $ 37,218
v2.4.0.6
INTANGIBLE ASSETS (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Indefinite-lived intangible assets:    
Gross Carrying Amount $ 45,860 $ 45,860
Accumulated Amortization 0 0
Net 45,860 45,860
Amortizable intangible assets:    
Gross Carrying Amount 3,700 3,700
Accumulated Amortization (774) (501)
Net 2,926 3,199
Goodwill [Member]
   
Indefinite-lived intangible assets:    
Gross Carrying Amount 11,112 11,112
Accumulated Amortization 0 0
Net 11,112 11,112
Trademarks [Member]
   
Indefinite-lived intangible assets:    
Gross Carrying Amount 34,748 34,748
Accumulated Amortization 0 0
Net 34,748 34,748
Noncompete Agreements [Member]
   
Amortizable intangible assets:    
Weighted Average Life (Years) 5 years 5 years
Gross Carrying Amount 200 200
Accumulated Amortization (113) (73)
Net 87 127
Customer Relationships [Member]
   
Amortizable intangible assets:    
Weighted Average Life (Years) 15 years 15 years
Gross Carrying Amount 3,500 3,500
Accumulated Amortization (661) (428)
Net $ 2,839 $ 3,072
v2.4.0.6
INTANGIBLE ASSETS (Details 1) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
Finite-Lived Intangible Assets [Line Items]    
2014 $ 273  
2015 273  
2016 240  
2017 233  
2018 233  
Thereafter 1,674  
Total $ 2,926 $ 3,199
v2.4.0.6
INTANGIBLE ASSETS (Details Textual) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Finite-Lived Intangible Assets [Line Items]      
Amortization of Intangible Assets $ 273,000 $ 273,000 $ 228,000
v2.4.0.6
OTHER ASSETS (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
Other Assets Noncurrent [Line Items]    
Cash surrender value of life insurance $ 13,440 $ 12,745
Intangible assets (See Note 8) 2,926 3,199
Investment in real estate 3,112 0
Other 1,977 2,847
Total other assets $ 21,455 $ 18,791
v2.4.0.6
OTHER ASSETS (Details Textual) (USD $)
In Millions, unless otherwise specified
1 Months Ended 12 Months Ended
May 01, 2013
Dec. 31, 2013
Other Assets Noncurrent [Line Items]    
Approximate Death Benefit Receive From Life Insurance Policies   $ 15.2
Asset Purchase Interest Percentage 50.00%  
Payments to Acquire Buildings $ 3.2  
v2.4.0.6
SHORT-TERM BORROWINGS (Details Textual) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Short-term Debt [Line Items]    
Line of Credit Facility, Maximum Amount Outstanding During Period $ 45  
Debt Instrument, Interest Rate at Period End 0.90% 1.20%
Line of Credit Facility, Amount Outstanding 12 45
Revolving Credit Facility [Member]
   
Short-term Debt [Line Items]    
Line of Credit Facility, Amount, Total $ 60  
Line of Credit Facility, Expiration Date Nov. 05, 2014  
Line of Credit Facility, Interest Rate Description LIBOR plus 0.75%  
v2.4.0.6
CONTINGENT CONSIDERATION (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Business Acquisition, Contingent Consideration [Line Items]      
Current portion $ 0 $ 1,270  
Long-term portion 5,064 4,991  
Total contingent consideration $ 5,064 $ 6,261 $ 9,693
v2.4.0.6
CONTINGENT CONSIDERATION (Details 1) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Business Acquisition, Contingent Consideration [Line Items]      
Beginning balance $ 6,261 $ 9,693  
Payment of contingent consideration (1,270) 0 0
Net losses (gains) on remeasurement of contingent consideration 24 (3,522) (206)
Interest expense 49 90  
Ending balance $ 5,064 $ 6,261 $ 9,693
v2.4.0.6
CONTINGENT CONSIDERATION (Details Textual) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Business Acquisition, Contingent Consideration [Line Items]      
Business Combination, Contingent Consideration Arrangements, Description Contingent consideration is comprised of two contingent payments that the Company is obligated to pay the former shareholders of Bogs. The estimate of contingent consideration is formula-driven and is based on Bogs achieving certain levels of gross margin dollars between January 1, 2011 and December 31, 2015.    
Payment Of Contingent Consideration $ 1,270,000 $ 0 $ 0
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low 2,000,000    
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High $ 7,000,000    
v2.4.0.6
EMPLOYEE RETIREMENT PLANS (Details)
Dec. 31, 2013
Dec. 31, 2012
Asset Category:    
Weighted Average Asset Alllocation 100.00% 100.00%
Equity Securities [Member]
   
Asset Category:    
Weighted Average Asset Alllocation 56.00% 52.00%
Fixed Income Securities [Member]
   
Asset Category:    
Weighted Average Asset Alllocation 35.00% 40.00%
Other Securities [Member]
   
Asset Category:    
Weighted Average Asset Alllocation 9.00% 8.00%
v2.4.0.6
EMPLOYEE RETIREMENT PLANS (Details 1)
Dec. 31, 2013
Dec. 31, 2012
Defined Benefit Plan Disclosure [Line Items]    
Discount rate 5.03% 4.23%
Rate of compensation increase 4.50% 4.50%
v2.4.0.6
EMPLOYEE RETIREMENT PLANS (Details 2) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Change in projected benefit obligation      
Service cost $ 1,726 $ 1,472 $ 1,212
Interest cost 2,403 2,317 2,373
Change in plan assets      
Fair value of plan assets, beginning of year 27,819    
Fair value of plan assets, end of year 31,522 27,819  
Amounts recognized in the consolidated balance sheets consist of:      
Long-term pension liability (21,901) (27,530)  
Defined Benefit Pension Plan [Member]
     
Change in projected benefit obligation      
Projected benefit obligation, beginning of year 43,452 39,523  
Service cost 1,406 1,236  
Interest cost 1,832 1,800  
Plan amendments 0 0  
Actuarial (gain) loss (3,466) 2,532  
Benefits paid (1,754) (1,639)  
Projected benefit obligation, end of year 41,470 43,452  
Change in plan assets      
Fair value of plan assets, beginning of year 27,819 26,655  
Actual return on plan assets 4,316 2,932  
Administrative expenses (141) (129)  
Contributions 1,282 0  
Benefits paid (1,754) (1,639)  
Fair value of plan assets, end of year 31,522 27,819  
Funded status of plan (9,948) (15,633)  
Amounts recognized in the consolidated balance sheets consist of:      
Accrued liabilities - other 0 0  
Long-term pension liability (9,948) (15,633)  
Net amount recognized (9,948) (15,633)  
Amounts recognized in accumulated other comprehensive loss consist of:      
Accumulated loss, net of income tax benefit of $4,054, $6,735, $1,729 and $2,102, respectively 6,341 10,534  
Prior service cost (credit), net of income tax benefit (liability) of $1, $1, ($358) and ($402), respectively 1 1  
Net amount recognized 6,342 10,535  
Supplemental Pension Plan [Member]
     
Change in projected benefit obligation      
Projected benefit obligation, beginning of year 12,270 13,870  
Service cost 320 236  
Interest cost 570 516  
Plan amendments 0 (1,415)  
Actuarial (gain) loss (468) (576)  
Benefits paid (355) (361)  
Projected benefit obligation, end of year 12,337 12,270  
Change in plan assets      
Fair value of plan assets, beginning of year 0 0  
Actual return on plan assets 0 0  
Administrative expenses 0 0  
Contributions 355 361  
Benefits paid (355) (361)  
Fair value of plan assets, end of year 0 0  
Funded status of plan (12,337) (12,270)  
Amounts recognized in the consolidated balance sheets consist of:      
Accrued liabilities - other (384) (373)  
Long-term pension liability (11,953) (11,897)  
Net amount recognized (12,337) (12,270)  
Amounts recognized in accumulated other comprehensive loss consist of:      
Accumulated loss, net of income tax benefit of $4,054, $6,735, $1,729 and $2,102, respectively 2,705 3,288  
Prior service cost (credit), net of income tax benefit (liability) of $1, $1, ($358) and ($402), respectively (559) (628)  
Net amount recognized $ 2,146 $ 2,660  
v2.4.0.6
EMPLOYEE RETIREMENT PLANS (Details 3)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 4.23% 4.60% 5.40%
Rate of compensation increase 4.50% 4.50% 4.50%
Long-term rate of return on plan assets 7.75% 7.75% 8.00%
v2.4.0.6
EMPLOYEE RETIREMENT PLANS (Details 4) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Defined Benefit Plan Disclosure [Line Items]      
Benefits earned during the period $ 1,726 $ 1,472 $ 1,212
Interest cost on projected benefit obligation 2,403 2,317 2,373
Expected return on plan assets (2,094) (1,994) (2,021)
Net amortization and deferral 1,702 1,612 1,272
Net pension expense $ 3,737 $ 3,407 $ 2,836
v2.4.0.6
EMPLOYEE RETIREMENT PLANS (Details 5) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2013
Defined Benefit Pension Plan [Member]
 
Defined Benefit Plan Disclosure [Line Items]  
2014 $ 1,927
2015 1,993
2016 2,098
2017 2,174
2018 2,277
2019 - 2023 12,855
Supplemental Pension Plan [Member]
 
Defined Benefit Plan Disclosure [Line Items]  
2014 384
2015 394
2016 421
2017 430
2018 454
2019 - 2023 $ 2,941
v2.4.0.6
EMPLOYEE RETIREMENT PLANS (Details 6) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
Defined Benefit Plan Disclosure [Line Items]    
Fair Value of Pension Plan Assets, Total $ 31,522 $ 27,819
Other Assets [Member]
   
Defined Benefit Plan Disclosure [Line Items]    
Fair Value of Pension Plan Assets, Total 77 77
Exchange traded funds [Member]
   
Defined Benefit Plan Disclosure [Line Items]    
Fair Value of Pension Plan Assets, Total 2,761 3,194
Pooled Fixed Income Funds [Member]
   
Defined Benefit Plan Disclosure [Line Items]    
Fair Value of Pension Plan Assets, Total 4,150 3,212
US Government Agencies Debt Securities [Member]
   
Defined Benefit Plan Disclosure [Line Items]    
Fair Value of Pension Plan Assets, Total 838 1,584
Cash and Cash Equivalents [Member]
   
Defined Benefit Plan Disclosure [Line Items]    
Fair Value of Pension Plan Assets, Total 2,927 2,264
Subtotal [Member]
   
Defined Benefit Plan Disclosure [Line Items]    
Fair Value of Pension Plan Assets, Total 31,445 27,742
Corporate Obligations [Member]
   
Defined Benefit Plan Disclosure [Line Items]    
Fair Value of Pension Plan Assets, Total 4,636 4,573
State And Municipal Obligations [Member]
   
Defined Benefit Plan Disclosure [Line Items]    
Fair Value of Pension Plan Assets, Total 538 574
Foreign Obligations [Member]
   
Defined Benefit Plan Disclosure [Line Items]    
Fair Value of Pension Plan Assets, Total   16
Common Stock [Member]
   
Defined Benefit Plan Disclosure [Line Items]    
Fair Value of Pension Plan Assets, Total 14,809 11,287
Preferred Stock [Member]
   
Defined Benefit Plan Disclosure [Line Items]    
Fair Value of Pension Plan Assets, Total 786 1,038
Fair Value, Inputs, Level 1 [Member]
   
Defined Benefit Plan Disclosure [Line Items]    
Fair Value of Pension Plan Assets, Total 23,963 19,877
Fair Value, Inputs, Level 1 [Member] | Exchange traded funds [Member]
   
Defined Benefit Plan Disclosure [Line Items]    
Fair Value of Pension Plan Assets, Total 2,761 3,194
Fair Value, Inputs, Level 1 [Member] | Pooled Fixed Income Funds [Member]
   
Defined Benefit Plan Disclosure [Line Items]    
Fair Value of Pension Plan Assets, Total 4,150 3,212
Fair Value, Inputs, Level 1 [Member] | US Government Agencies Debt Securities [Member]
   
Defined Benefit Plan Disclosure [Line Items]    
Fair Value of Pension Plan Assets, Total 0 0
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member]
   
Defined Benefit Plan Disclosure [Line Items]    
Fair Value of Pension Plan Assets, Total 2,927 2,264
Fair Value, Inputs, Level 1 [Member] | Corporate Obligations [Member]
   
Defined Benefit Plan Disclosure [Line Items]    
Fair Value of Pension Plan Assets, Total 0 0
Fair Value, Inputs, Level 1 [Member] | State And Municipal Obligations [Member]
   
Defined Benefit Plan Disclosure [Line Items]    
Fair Value of Pension Plan Assets, Total 0 0
Fair Value, Inputs, Level 1 [Member] | Foreign Obligations [Member]
   
Defined Benefit Plan Disclosure [Line Items]    
Fair Value of Pension Plan Assets, Total   0
Fair Value, Inputs, Level 1 [Member] | Common Stock [Member]
   
Defined Benefit Plan Disclosure [Line Items]    
Fair Value of Pension Plan Assets, Total 13,339 10,169
Fair Value, Inputs, Level 1 [Member] | Preferred Stock [Member]
   
Defined Benefit Plan Disclosure [Line Items]    
Fair Value of Pension Plan Assets, Total 786 1,038
Fair Value, Inputs, Level 2 [Member]
   
Defined Benefit Plan Disclosure [Line Items]    
Fair Value of Pension Plan Assets, Total 7,482 7,865
Fair Value, Inputs, Level 2 [Member] | Exchange traded funds [Member]
   
Defined Benefit Plan Disclosure [Line Items]    
Fair Value of Pension Plan Assets, Total 0 0
Fair Value, Inputs, Level 2 [Member] | Pooled Fixed Income Funds [Member]
   
Defined Benefit Plan Disclosure [Line Items]    
Fair Value of Pension Plan Assets, Total 0 0
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member]
   
Defined Benefit Plan Disclosure [Line Items]    
Fair Value of Pension Plan Assets, Total 838 1,584
Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member]
   
Defined Benefit Plan Disclosure [Line Items]    
Fair Value of Pension Plan Assets, Total 0 0
Fair Value, Inputs, Level 2 [Member] | Corporate Obligations [Member]
   
Defined Benefit Plan Disclosure [Line Items]    
Fair Value of Pension Plan Assets, Total 4,636 4,573
Fair Value, Inputs, Level 2 [Member] | State And Municipal Obligations [Member]
   
Defined Benefit Plan Disclosure [Line Items]    
Fair Value of Pension Plan Assets, Total 538 574
Fair Value, Inputs, Level 2 [Member] | Foreign Obligations [Member]
   
Defined Benefit Plan Disclosure [Line Items]    
Fair Value of Pension Plan Assets, Total   16
Fair Value, Inputs, Level 2 [Member] | Common Stock [Member]
   
Defined Benefit Plan Disclosure [Line Items]    
Fair Value of Pension Plan Assets, Total 1,470 1,118
Fair Value, Inputs, Level 2 [Member] | Preferred Stock [Member]
   
Defined Benefit Plan Disclosure [Line Items]    
Fair Value of Pension Plan Assets, Total 0 0
Fair Value, Inputs, Level 3 [Member]
   
Defined Benefit Plan Disclosure [Line Items]    
Fair Value of Pension Plan Assets, Total 0 0
Fair Value, Inputs, Level 3 [Member] | Exchange traded funds [Member]
   
Defined Benefit Plan Disclosure [Line Items]    
Fair Value of Pension Plan Assets, Total 0 0
Fair Value, Inputs, Level 3 [Member] | Pooled Fixed Income Funds [Member]
   
Defined Benefit Plan Disclosure [Line Items]    
Fair Value of Pension Plan Assets, Total 0 0
Fair Value, Inputs, Level 3 [Member] | US Government Agencies Debt Securities [Member]
   
Defined Benefit Plan Disclosure [Line Items]    
Fair Value of Pension Plan Assets, Total 0 0
Fair Value, Inputs, Level 3 [Member] | Cash and Cash Equivalents [Member]
   
Defined Benefit Plan Disclosure [Line Items]    
Fair Value of Pension Plan Assets, Total 0 0
Fair Value, Inputs, Level 3 [Member] | Corporate Obligations [Member]
   
Defined Benefit Plan Disclosure [Line Items]    
Fair Value of Pension Plan Assets, Total 0 0
Fair Value, Inputs, Level 3 [Member] | State And Municipal Obligations [Member]
   
Defined Benefit Plan Disclosure [Line Items]    
Fair Value of Pension Plan Assets, Total 0 0
Fair Value, Inputs, Level 3 [Member] | Foreign Obligations [Member]
   
Defined Benefit Plan Disclosure [Line Items]    
Fair Value of Pension Plan Assets, Total   0
Fair Value, Inputs, Level 3 [Member] | Common Stock [Member]
   
Defined Benefit Plan Disclosure [Line Items]    
Fair Value of Pension Plan Assets, Total 0 0
Fair Value, Inputs, Level 3 [Member] | Preferred Stock [Member]
   
Defined Benefit Plan Disclosure [Line Items]    
Fair Value of Pension Plan Assets, Total $ 0 $ 0
v2.4.0.6
EMPLOYEE RETIREMENT PLANS (Details Textual) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Actual Plan Asset Allocations 100.00% 100.00%  
Defined Benefit Plan Percentage Of Minimum Fund Maintenance 80.00%    
Defined Contribution Plan Employer Contribution Amount $ 227,000 $ 221,000 $ 212,000
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets 7.75% 7.75% 8.00%
Defined Benefit Plan, Future Amortization of Gain (Loss) 901,000    
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit) (112,000)    
Pension Plan, Defined Benefit [Member]
     
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Accumulated Benefit Obligation 36,300,000 38,200,000  
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Tax 4,054,000 6,735,000  
Other Comprehensive Income (Loss), Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service (Cost) Credit, Tax 1,000 1,000  
Supplemental Employee Retirement Plan, Defined Benefit [Member]
     
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Accumulated Benefit Obligation 11,300,000 11,600,000  
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Tax 1,729,000 2,102,000  
Other Comprehensive Income (Loss), Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service (Cost) Credit, Tax $ (358,000) $ (402,000)  
Minimum [Member] | Equity Securities [Member]
     
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Actual Plan Asset Allocations 20.00%    
Minimum [Member] | Fixed Income Securities [Member]
     
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Actual Plan Asset Allocations 20.00%    
Minimum [Member] | Other securuties [Member]
     
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Actual Plan Asset Allocations 0.00%    
Maximum [Member] | Equity Securities [Member]
     
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Actual Plan Asset Allocations 80.00%    
Maximum [Member] | Fixed Income Securities [Member]
     
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Actual Plan Asset Allocations 80.00%    
Maximum [Member] | Other securuties [Member]
     
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Actual Plan Asset Allocations 20.00%    
v2.4.0.6
INCOME TAXES (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Current:      
Federal $ 6,449 $ 6,985 $ 5,483
State 940 928 951
Foreign 1,273 972 2,490
Total 8,662 8,885 8,924
Deferred 1,268 1,648 (343)
Total provision $ 9,930 $ 10,533 $ 8,581
v2.4.0.6
INCOME TAXES (Details 1)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Effective Income Tax Rate Reconciliation [Line Items]      
U.S. federal statutory income tax rate 35.00% 35.00% 35.00%
State income taxes, net of federal tax benefit 2.60% 2.30% 2.50%
Non-taxable municipal bond interest (1.70%) (1.90%) (2.70%)
Foreign income tax rate differences (0.90%) (2.20%) (1.50%)
Other 0.20% 0.90% 1.00%
Effective tax rate 35.20% 34.10% 34.30%
v2.4.0.6
INCOME TAXES (Details 2) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
Deferred tax benefits:    
Accounts receivable reserves $ 440 $ 421
Pension liability 8,691 10,882
Accrued liabilities 2,164 1,934
Deferred Tax Assets, Net of Valuation Allowance, Total 11,295 13,237
Deferred tax liabilities:    
Inventory and related reserves (2,601) (1,316)
Cash value of life insurance (3,240) (3,029)
Property, plant and equipment (1,757) (1,713)
Intangible assets (5,948) (5,051)
Prepaid and other assets (264) (268)
Foreign currency gains on intercompany loans (327) (419)
Deferred Tax Liabilities, Gross (14,137) (11,796)
Net deferred income tax benefits $ (2,842) $ 1,441
v2.4.0.6
INCOME TAXES (Details 3) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
Deferred Tax Benefit [Line Items]    
Current deferred income tax liabilities $ (849) $ 0
Current deferred income tax benefits 0 649
Noncurrent deferred income tax liabilities (1,993) 0
Noncurrent deferred income tax benefits 0 792
Deferred Tax Assets, Net $ (2,842) $ 1,441
v2.4.0.6
INCOME TAXES (Details 4) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Income Tax Contingency [Line Items]      
Beginning Balance $ 124 $ 0 $ 84
Expiration of the statute of limitations for the assessment of taxes     (84)
Increases related to current year tax positions 0 124  
Ending Balance $ 124 $ 124 $ 0
v2.4.0.6
INCOME TAXES (Details Textual) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Income Taxes [Line Items]        
Income (Loss) from Continuing Operations before Income Taxes, Foreign $ 4,200,000 $ 6,200,000 $ 5,300,000  
Unrecognized Tax Benefits, Beginning Balance 124,000 124,000 0 84,000
Undistributed Earnings of Foreign Subsidiaries 6,200,000      
Unrecognized Tax Benefits, Interest on Income Taxes Expense $ 5,000 $ 2,000    
Income Tax Examination, Description In general, the 2009 through 2013 tax years remain subject to examination by those taxing authorities.      
v2.4.0.6
COMMITMENTS (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2013
Operating Leased Assets [Line Items]  
2014 $ 8,573
2015 6,280
2016 4,942
2017 3,810
2018 3,222
Thereafter 9,428
Total $ 36,255
v2.4.0.6
COMMITMENTS (Details Textual) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Operating Leased Assets [Line Items]      
Operating Leases, Rent Expense, Minimum Rentals $ 9,500,000 $ 9,600,000 $ 8,300,000
Operating Leases, Rent Expense, Contingent Rentals 430,000 1,200,000 1,200,000
Purchase Obligation, Due in Next Twelve Months $ 65,600,000    
v2.4.0.6
STOCK REPURCHASE PROGRAM (Details Textual) (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Equity, Class of Treasury Stock [Line Items]      
Payments For Repurchase Of Common Stock $ 4,623 $ 6,558 $ 13,021
Stock Repurchased and Retired During Period, Shares 195,050 285,422 175,606
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased 628,000    
Private Placement [Member]
     
Equity, Class of Treasury Stock [Line Items]      
Payments For Repurchase Of Common Stock     $ 9,000
Stock Repurchased and Retired During Period, Shares     400,319
v2.4.0.6
EARNINGS PER SHARE (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2012
Sep. 30, 2012
Jun. 30, 2012
Mar. 31, 2012
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Numerator:                      
Net earnings attributable to Weyco Group, Inc. $ 6,804 $ 5,392 $ 2,205 $ 3,200 $ 7,677 $ 5,192 $ 2,219 $ 3,869 $ 17,601 $ 18,957 $ 15,251
Denominator:                      
Basic weighted average shares outstanding (in shares)                 10,779 10,844 11,066
Effect of dilutive securities:                      
Employee stock-based awards (in shares)                 86 106 93
Diluted weighted average shares outstanding (in shares)                 10,865 10,950 11,159
Basic earnings per share (in dollars per share) $ 0.63 $ 0.50 $ 0.20 $ 0.30 $ 0.71 $ 0.48 $ 0.20 $ 0.36 $ 1.63 $ 1.75 $ 1.38
Diluted earnings per share (in dollars per share) $ 0.62 $ 0.50 $ 0.20 $ 0.30 $ 0.71 $ 0.48 $ 0.20 $ 0.35 $ 1.62 $ 1.73 $ 1.37
v2.4.0.6
EARNINGS PER SHARE (Details Textual) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) 353,000 874,530
Weighted Average Price of Antidilutive Securities Excluded from Computation of Earnings Per Share (in dollars per share) $ 26.85 $ 24.26
v2.4.0.6
SEGMENT INFORMATION (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2012
Sep. 30, 2012
Jun. 30, 2012
Mar. 31, 2012
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Segment Reporting Information [Line Items]                      
Product sales                 $ 297,086 $ 290,131 $ 267,651
Licensing revenues                 3,198 3,340 3,449
Net sales 78,545 83,108 65,041 73,590 78,351 79,473 60,333 75,314 300,284 293,471 271,100
Depreciation                 3,962 3,338 2,591
Earnings from operations                 27,755 29,797 23,197
Total assets 267,533       285,321       267,533 285,321 273,508
Capital expenditures                 2,699 9,540 8,175
Wholesale [Member]
                     
Segment Reporting Information [Line Items]                      
Product sales                 222,459 214,568 195,638
Licensing revenues                 3,198 3,340 3,449
Net sales                 225,657 217,908 199,087
Depreciation                 2,481 2,083 1,677
Earnings from operations                 20,742 22,214 15,673
Total assets 230,509       246,523       230,509 246,523 237,279
Capital expenditures                 790 7,235 6,562
Retail [Member]
                     
Segment Reporting Information [Line Items]                      
Product sales                 23,255 24,348 24,740
Licensing revenues                 0 0 0
Net sales                 23,255 24,348 24,740
Depreciation                 538 544 565
Earnings from operations                 3,018 1,662 1,554
Total assets 7,412       7,994       7,412 7,994 7,374
Capital expenditures                 34 844 249
Other Segment [Member]
                     
Segment Reporting Information [Line Items]                      
Product sales                 51,372 51,215 47,273
Licensing revenues                 0 0 0
Net sales                 51,372 51,215 47,273
Depreciation                 943 711 349
Earnings from operations                 3,995 5,921 5,970
Total assets 29,612       30,804       29,612 30,804 28,855
Capital expenditures                 $ 1,875 $ 1,461 $ 1,364
v2.4.0.6
SEGMENT INFORMATION (Details 1) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2012
Sep. 30, 2012
Jun. 30, 2012
Mar. 31, 2012
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Net Sales $ 78,545 $ 83,108 $ 65,041 $ 73,590 $ 78,351 $ 79,473 $ 60,333 $ 75,314 $ 300,284 $ 293,471 $ 271,100
Long-Lived Assets 87,010       86,277       87,010 86,277 80,409
Other [Member]
                     
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Long-Lived Assets 9,255       6,009       9,255 6,009 5,116
Europe [Member]
                     
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Net Sales                 8,117 7,230 8,014
Asia [Member]
                     
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Net Sales                 9,484 8,956 8,277
United States [Member]
                     
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Net Sales                 231,729 225,397 212,779
Long-Lived Assets 77,755       80,268       77,755 80,268 75,293
Canada [Member]
                     
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Net Sales                 17,183 16,859 11,049
Australia [Member]
                     
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Net Sales                 29,318 29,465 25,049
South Africa [Member]
                     
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Net Sales                 $ 4,453 $ 5,564 $ 5,932
v2.4.0.6
SEGMENT INFORMATION (Details Textual)
12 Months Ended
Dec. 31, 2013
Sales Revenue, Goods, Net [Member]
 
Segment Information [Line Items]  
Segment Reporting, Disclosure of Major Customers In 2013, 2012 and 2011, there was no single customer with sales above 10% of the Companys total sales
United States [Member]
 
Segment Information [Line Items]  
Number Of Stores Description Company operated 17 Company-owned stores in principal cities
v2.4.0.6
STOCK-BASED COMPENSATION PLANS (Details)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Risk-free interest rate 1.10% 0.51% 0.66%
Expected dividend yield 2.53% 2.89% 2.65%
Expected term 4 years 3 months 18 days 4 years 3 months 18 days 4 years 3 months 18 days
Expected volatility 16.20% 26.40% 29.60%
v2.4.0.6
STOCK-BASED COMPENSATION PLANS (Details 1) (Employee Stock Option [Member], USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Employee Stock Option [Member]
     
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares, Outstanding at beginning of year 1,265,792 1,307,488 1,269,426
Shares, Granted 333,300 253,400 235,700
Shares, Exercised (219,526) (174,646) (122,463)
Shares, Forfeited or expired (118,700) (120,450) (75,175)
Shares, Outstanding at end of year 1,260,866 1,265,792 1,307,488
Shares, Exercisable at end of year 581,081 706,863 821,510
Weighted Average Exercise Price, Outstanding at beginning of year $ 22.76 $ 21.76 $ 20.25
Weighted Average Exercise Price, Granted $ 28.50 $ 23.53 $ 24.21
Weighted Average Exercise Price, Exercised $ 17.91 $ 13.17 $ 8.95
Weighted Average Exercise Price, Forfeited or expired $ 30.30 $ 27.37 $ 24.93
Weighted Average Exercise Price, Outstanding at end of year $ 24.41 $ 22.76 $ 21.76
Weighted Average Exercise Price, Exercisable at end of year $ 22.39 $ 21.89 $ 20.16
Weighted average fair market value of options granted $ 2.77 $ 3.68 $ 4.51
Weighted Average Remaining Contractual Life (in Years) , Outstanding - December 31, 2013 3 years 8 months 12 days    
Weighted Average Remaining Contractual Life (in Years) , Exercisable - December 31, 2013 2 years 2 months 12 days    
Aggregate Intrinsic Value, Outstanding - December 31, 2013 $ 6,330,000    
Aggregate Intrinsic Value, Exercisable - December 31, 2013 $ 4,092,000    
v2.4.0.6
STOCK-BASED COMPENSATION PLANS (Details 2) (Non Vested Stock Options [Member], USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Non Vested Stock Options [Member]
     
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares, Outstanding at beginning of year 558,929 485,978 421,226
Number of Options, Granted 333,300 253,400 235,700
Number of Options, Vested (207,044) (173,824) (145,298)
Number of Options, Forfeited (5,400) (6,625) (25,650)
Shares, Outstanding at end of year 679,785 558,929 485,978
Weighted Average Exercise Price, Outstanding at beginning of year $ 23.86 $ 24.46 $ 25.16
Weighted Average Exercise Price, Granted $ 28.50 $ 23.53 $ 24.21
Weighted Average Exercise Price, Vested $ 23.83 $ 25.05 $ 25.86
Weighted Average Exercise Price, Forfeited $ 23.95 $ 24.26 $ 25.62
Weighted Average Exercise Price, Outstanding at end of year $ 26.14 $ 23.86 $ 24.46
Weighted Average Fair Value, Outstanding at beginning of year $ 4.23 $ 4.70 $ 4.94
Weighted Average Fair Value, Granted $ 2.77 $ 3.68 $ 4.51
Weighted Average Fair Value, Vested $ 4.42 $ 4.73 $ 5.05
Weighted Average Fair Value, Forfeited $ 4.28 $ 4.60 $ 4.91
Weighted Average Fair Value, Outstanding at end of the year $ 3.46 $ 4.23 $ 4.70
v2.4.0.6
STOCK-BASED COMPENSATION PLANS (Details 3) (USD $)
12 Months Ended
Dec. 31, 2013
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Number of Options Outstanding 1,260,866
Options Outstanding, Weighted Average Remaining Contractual Life (in years) 3 years 8 months 19 days
Options Outstanding, Weighted Average Exercise Price $ 24.41
Options Exercisable, Number Of Options Exercisable 581,081
Options Exercisable, Weighted Average Exercise Price $ 22.39
Exercise Price Range 1 [Member]
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Exercise Prices, Lower Range Limit $ 15.46
Exercise Prices, Upper Range Limit $ 18.03
Number of Options Outstanding 135,966
Options Outstanding, Weighted Average Remaining Contractual Life (in years) 1 year 2 months 12 days
Options Outstanding, Weighted Average Exercise Price $ 17.71
Options Exercisable, Number Of Options Exercisable 135,966
Options Exercisable, Weighted Average Exercise Price $ 17.71
Exercise Price Range 2 [Member]
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Exercise Prices, Lower Range Limit $ 23.09
Exercise Prices, Upper Range Limit $ 23.53
Number of Options Outstanding 400,775
Options Outstanding, Weighted Average Remaining Contractual Life (in years) 3 years 4 months 28 days
Options Outstanding, Weighted Average Exercise Price $ 23.36
Options Exercisable, Number Of Options Exercisable 212,068
Options Exercisable, Weighted Average Exercise Price $ 23.22
Exercise Price Range 3 [Member]
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Exercise Prices, Lower Range Limit $ 24.21
Exercise Prices, Upper Range Limit $ 28.50
Number of Options Outstanding 724,125
Options Outstanding, Weighted Average Remaining Contractual Life (in years) 4 years 4 months 13 days
Options Outstanding, Weighted Average Exercise Price $ 26.25
Options Exercisable, Number Of Options Exercisable 233,047
Options Exercisable, Weighted Average Exercise Price $ 24.36
v2.4.0.6
STOCK-BASED COMPENSATION PLANS (Details 4) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total intrinsic value of stock options exercised $ 1,506 $ 1,704 $ 1,299
Cash received from stock option exercises 3,932 2,300 1,096
Income tax benefit from the exercise of stock options 588 664 507
Total fair value of stock options vested $ 915 $ 821 $ 733
v2.4.0.6
STOCK-BASED COMPENSATION PLANS (Details 5) (Restricted Stock [Member], USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Restricted Stock [Member]
     
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares of Restricted Stock, Non-vested, Beginning balance 42,575 38,000 35,448
Shares of Restricted Stock, Issued 20,400 19,600 19,300
Shares of Restricted Stock, Vested (15,475) (15,025) (16,748)
Shares of Restricted Stock, Forfeited 0 0 0
Shares of Restricted Stock, Non-vested, Ending balance 47,500 42,575 38,000
Weighted Average Fair Value, Beginning balance $ 23.87 $ 24.47 $ 24.79
Weighted Average Grant Date Fair Value, Issued $ 28.50 $ 23.53 $ 24.21
Weighted Average Grant Date Fair Value, Vested $ 23.85 $ 24.97 $ 25.91
Weighted Average Grant Date Fair Value, Forfeited $ 0 $ 0 $ 0
Weighted Average Fair Value, Ending balance $ 25.86 $ 23.87 $ 24.47
v2.4.0.6
STOCK-BASED COMPENSATION PLANS (Details Textual) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Allocated Share-based Compensation Expense $ 1,283,000 $ 1,201,000 $ 1,224,000  
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense 588,000 664,000 507,000  
Restricted Stock [Member]
       
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total 1,200,000      
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition 3 years 1 month 6 days      
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense 177,000 137,000 158,000  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number 47,500 42,575 38,000 35,448
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Intrinsic Value, Amount Per Share $ 29.43      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term 3 years 7 days      
Share Based Compensation Arrangement by Share Based Payment Award Other than Options Expected to Vest Outstanding Aggregate Intrinsic Value 1,398,000      
Employee Stock Option [Member]
       
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total $ 2,200,000      
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition 2 years 10 months 24 days      
Share Price $ 29.43      
Incentive Plan 2011 [Member]
       
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant 118,300      
v2.4.0.6
QUARTERLY FINANCIAL DATA (Unaudited) (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2012
Sep. 30, 2012
Jun. 30, 2012
Mar. 31, 2012
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Quarterly Financial Information [Line Items]                      
Net sales $ 78,545 $ 83,108 $ 65,041 $ 73,590 $ 78,351 $ 79,473 $ 60,333 $ 75,314 $ 300,284 $ 293,471 $ 271,100
Gross earnings 33,337 31,579 24,698 27,699 33,532 30,446 22,878 28,031 117,313 114,887 106,722
Net earnings attributable to Weyco Group, Inc. $ 6,804 $ 5,392 $ 2,205 $ 3,200 $ 7,677 $ 5,192 $ 2,219 $ 3,869 $ 17,601 $ 18,957 $ 15,251
Net earnings per share:                      
Basic (in dollars per share) $ 0.63 $ 0.50 $ 0.20 $ 0.30 $ 0.71 $ 0.48 $ 0.20 $ 0.36 $ 1.63 $ 1.75 $ 1.38
Diluted (in dollars per share) $ 0.62 $ 0.50 $ 0.20 $ 0.30 $ 0.71 $ 0.48 $ 0.20 $ 0.35 $ 1.62 $ 1.73 $ 1.37
v2.4.0.6
VALUATION AND QUALIFYING ACCOUNTS (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Valuation and Qualifying Accounts Disclosure [Line Items]      
BEGINNING BALANCE $ 2,419 $ 2,359 $ 2,286
Add - Additions charged to earnings 3,106 3,129 2,812
Add - Acquisitions and other adjustments     316
Deduct - Charges for purposes for which reserves were established (3,232) (3,069) (3,055)
ENDING BALANCE 2,293 2,419 2,359
Allowance for Doubtful Accounts [Member]
     
Valuation and Qualifying Accounts Disclosure [Line Items]      
BEGINNING BALANCE 1,271 1,415 1,109
Add - Additions charged to earnings 132 175 316
Add - Acquisitions and other adjustments     316
Deduct - Charges for purposes for which reserves were established (170) (319) (326)
ENDING BALANCE 1,233 1,271 1,415
Sales Returns and Allowances [Member]
     
Valuation and Qualifying Accounts Disclosure [Line Items]      
BEGINNING BALANCE 1,148 944 1,177
Add - Additions charged to earnings 2,974 2,954 2,496
Add - Acquisitions and other adjustments     0
Deduct - Charges for purposes for which reserves were established (3,062) (2,750) (2,729)
ENDING BALANCE $ 1,060 $ 1,148 $ 944